TeraWulf (NASDAQ:WULF) Trading 6.8% Higher – Here’s Why

TeraWulf Inc. (NASDAQ:WULF) shot up 6.8% during trading on Friday . The company traded as high as $17.30 and last traded at $17.2370. 11,057,476 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 31,394,707 shares. The stock had previously closed at $16.14.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on WULF shares. William Blair assumed coverage on shares of TeraWulf in a research note on Friday, August 28th. They set an “outperform” rating for the company. Freedom Capmkts upgraded TeraWulf to a “strong-buy” rating in a research report on Tuesday. Chardan Capital reaffirmed a “buy” rating and set a $32.00 price objective on shares of TeraWulf in a research note on Wednesday, August 5th. B. Riley Financial upped their price objective on TeraWulf from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Finally, Jefferies Financial Group began coverage on TeraWulf in a research report on Thursday, May 14th. They set a “buy” rating and a $28.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, TeraWulf has a consensus rating of “Moderate Buy” and a consensus target price of $34.21.

TeraWulf Stock Up 6.9%

The company has a market capitalization of $8.61 billion, a price-to-earnings ratio of -3.94 and a beta of 3.70. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 27.25. The firm’s 50 day simple moving average is $17.79 and its 200-day simple moving average is $19.74.

TeraWulf (NASDAQ:WULF) last released its earnings results on Wednesday, August 5th. The company reported ($1.94) EPS for the quarter, missing the consensus estimate of ($0.24) by ($1.70). The firm had revenue of $44.77 million during the quarter, compared to analyst estimates of $46.00 million. TeraWulf had a negative return on equity of 458.62% and a negative net margin of 1,179.94%.The firm’s revenue was down 6.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) EPS. On average, sell-side analysts anticipate that TeraWulf Inc. will post -0.95 EPS for the current fiscal year.

Insider Buying and Selling

In other TeraWulf news, Director Michael C. Bucella acquired 3,023 shares of the stock in a transaction on Friday, August 14th. The shares were bought at an average price of $16.54 per share, with a total value of $50,000.42. Following the acquisition, the director owned 341,844 shares of the company’s stock, valued at $5,654,099.76. This trade represents a 0.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul B. Prager sold 137,500 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $17.06, for a total value of $2,345,750.00. Following the transaction, the chief executive officer owned 3,807,552 shares in the company, valued at $64,956,837.12. The trade was a 3.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 405,626 shares of company stock valued at $7,980,928 over the last ninety days. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of TeraWulf

Hedge funds have recently modified their holdings of the business. Engle Capital Management L.P. boosted its stake in TeraWulf by 574.3% in the 1st quarter. Engle Capital Management L.P. now owns 2,950,100 shares of the company’s stock worth $42,570,000 after buying an additional 2,512,600 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of TeraWulf during the 2nd quarter valued at about $3,534,000. Jennison Associates LLC purchased a new position in shares of TeraWulf during the 1st quarter worth about $53,418,000. Troluce Capital Advisors LLC purchased a new position in shares of TeraWulf during the 1st quarter worth about $33,189,000. Finally, GeoSphere Capital Management LLC purchased a new position in shares of TeraWulf during the 4th quarter worth about $2,872,000. 62.49% of the stock is owned by institutional investors and hedge funds.

TeraWulf Company Profile

TeraWulf Inc (NASDAQ: WULF) develops and operates digital-asset mining and high-performance computing infrastructure. The company has focused primarily on bitcoin mining while expanding its data-center platform to support artificial intelligence, cloud computing and other high-density computing applications.

TeraWulf emphasizes access to low-cost, predominantly zero-carbon energy and designs, builds and operates energy-intensive data-center facilities. Its operations have included the Lake Mariner facility in New York and the Nautilus Cryptomine facility in Pennsylvania, which was developed in collaboration with Cumulus Coin.