TeraWulf (NASDAQ:WULF) Shares Gap Up on Analyst Upgrade

TeraWulf Inc. (NASDAQ:WULF)’s stock price gapped up prior to trading on Thursday after Rosenblatt Securities raised their price target on the stock from $4.20 to $5.00. The stock had previously closed at $3.35, but opened at $3.62. Rosenblatt Securities currently has a buy rating on the stock. TeraWulf shares last traded at $3.55, with a volume of 10,169,409 shares trading hands.

Several other analysts have also issued reports on WULF. B. Riley upped their target price on shares of TeraWulf from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Roth Mkm reissued a “buy” rating and issued a $6.50 price target on shares of TeraWulf in a report on Monday, July 8th. Cantor Fitzgerald upped their price objective on shares of TeraWulf from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, July 5th. Finally, Roth Capital raised shares of TeraWulf to a “strong-buy” rating in a report on Tuesday, July 2nd. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $5.67.

Insider Buying and Selling

In other news, Treasurer Kenneth J. Deane sold 69,996 shares of TeraWulf stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $3.25, for a total transaction of $227,487.00. Following the transaction, the treasurer now directly owns 337,245 shares of the company’s stock, valued at approximately $1,096,046.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 24.88% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TeraWulf

Large investors have recently modified their holdings of the stock. Apollon Wealth Management LLC acquired a new stake in TeraWulf in the fourth quarter worth about $27,000. Partners Capital Investment Group LLP acquired a new stake in shares of TeraWulf in the fourth quarter worth approximately $29,000. Miracle Mile Advisors LLC acquired a new stake in shares of TeraWulf in the first quarter worth approximately $29,000. Amalgamated Bank boosted its stake in TeraWulf by 57.7% during the second quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock worth $35,000 after buying an additional 2,912 shares during the last quarter. Finally, Financial Advocates Investment Management purchased a new stake in TeraWulf in the fourth quarter valued at $39,000. Institutional investors own 62.49% of the company’s stock.

TeraWulf Stock Up 13.7 %

The company has a fifty day moving average of $4.48 and a 200-day moving average of $2.97.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings results on Monday, May 13th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.07). TeraWulf had a negative return on equity of 30.00% and a negative net margin of 56.70%. The company had revenue of $42.43 million for the quarter, compared to analysts’ expectations of $41.86 million. As a group, research analysts forecast that TeraWulf Inc. will post -0.07 earnings per share for the current fiscal year.

About TeraWulf

TeraWulf Inc, together with its subsidiaries, operates as a digital asset technology company in the United States. The company develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It is also involved in the provision of miner hosting services to third-party entities. The company was founded in 2021 and is headquartered in Easton, Maryland.