TeraWulf (NASDAQ:WULF) Stock Rating Upgraded by Citigroup

TeraWulf (NASDAQ:WULF) was upgraded by analysts at Citigroup to a “strong-buy” rating in a note issued to investors on Monday, Marketbeat reports. The brokerage currently has a $36.00 price target on the stock. Citigroup’s price target would suggest a potential upside of 45.75% from the stock’s previous close.

A number of other research analysts have also issued reports on the company. Roth Mkm reiterated a “buy” rating and set a $32.00 price target on shares of TeraWulf in a research report on Friday, April 17th. Jefferies Financial Group assumed coverage on TeraWulf in a report on Thursday, May 14th. They set a “buy” rating and a $28.00 price target on the stock. Northland Securities set a $30.00 price objective on shares of TeraWulf in a research note on Monday, May 4th. Needham & Company LLC upped their price objective on shares of TeraWulf from $22.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $27.00 target price on shares of TeraWulf in a research note on Monday, May 11th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, TeraWulf presently has an average rating of “Buy” and an average target price of $32.10.

TeraWulf Price Performance

Shares of NASDAQ:WULF opened at $24.70 on Monday. The firm’s 50 day moving average is $24.33 and its two-hundred day moving average is $18.18. The firm has a market capitalization of $12.24 billion, a P/E ratio of -9.96 and a beta of 3.82. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 33.00. TeraWulf has a 52 week low of $4.24 and a 52 week high of $29.84.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings data on Friday, May 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.82). TeraWulf had a negative return on equity of 305.07% and a negative net margin of 611.46%.The business had revenue of $34.01 million for the quarter, compared to analyst estimates of $34.69 million. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. The business’s quarterly revenue was down 1.1% on a year-over-year basis. Analysts anticipate that TeraWulf will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other TeraWulf news, CEO Paul B. Prager sold 166,650 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $24.43, for a total value of $4,071,259.50. Following the completion of the sale, the chief executive officer directly owned 4,249,202 shares of the company’s stock, valued at approximately $103,808,004.86. This represents a 3.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 383,350 shares of company stock valued at $8,564,364. 15.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TeraWulf

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of TeraWulf by 37.4% in the 4th quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock valued at $386,558,000 after purchasing an additional 9,162,958 shares during the period. Voloridge Investment Management LLC acquired a new stake in TeraWulf during the 3rd quarter worth about $69,006,000. Wellington Management Group LLP lifted its stake in TeraWulf by 36,193.2% during the third quarter. Wellington Management Group LLP now owns 3,901,878 shares of the company’s stock valued at $44,559,000 after buying an additional 3,891,127 shares in the last quarter. Jennison Associates LLC purchased a new stake in TeraWulf during the first quarter valued at about $53,418,000. Finally, Marshall Wace LLP boosted its holdings in shares of TeraWulf by 574.2% in the fourth quarter. Marshall Wace LLP now owns 3,186,200 shares of the company’s stock worth $36,609,000 after buying an additional 2,713,587 shares during the period. 62.49% of the stock is owned by institutional investors.

TeraWulf Company Profile

TeraWulf, Inc (NASDAQ: WULF) is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.