Zacks Research Downgrades TeraWulf (NASDAQ:WULF) to Strong Sell

TeraWulf (NASDAQ:WULF) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Roth Capital reissued a “buy” rating and issued a $32.00 price objective on shares of TeraWulf in a research note on Friday, April 17th. Jefferies Financial Group began coverage on TeraWulf in a research report on Thursday, May 14th. They set a “buy” rating and a $28.00 target price on the stock. Bank of America started coverage on TeraWulf in a report on Monday, June 15th. They issued a “buy” rating and a $34.00 target price on the stock. Keefe, Bruyette & Woods lifted their price target on shares of TeraWulf from $25.00 to $33.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Finally, Sanford C. Bernstein initiated coverage on shares of TeraWulf in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $46.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, TeraWulf presently has an average rating of “Moderate Buy” and a consensus target price of $34.25.

TeraWulf Price Performance

WULF stock opened at $21.97 on Thursday. The stock has a market capitalization of $10.89 billion, a PE ratio of -8.86 and a beta of 3.73. The company’s 50-day moving average is $24.59 and its 200-day moving average is $18.65. The company has a debt-to-equity ratio of 33.00, a current ratio of 1.20 and a quick ratio of 1.20. TeraWulf has a 1 year low of $4.64 and a 1 year high of $29.84.

TeraWulf (NASDAQ:WULF) last issued its earnings results on Friday, May 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.82). TeraWulf had a negative net margin of 611.46% and a negative return on equity of 305.07%. The firm had revenue of $34.01 million during the quarter, compared to the consensus estimate of $34.69 million. During the same period in the previous year, the firm earned ($0.16) earnings per share. The business’s quarterly revenue was down 1.1% on a year-over-year basis. Equities research analysts expect that TeraWulf will post -1.09 EPS for the current fiscal year.

Insider Buying and Selling

In other TeraWulf news, CEO Paul B. Prager sold 137,500 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $26.60, for a total transaction of $3,657,500.00. Following the completion of the sale, the chief executive officer directly owned 3,945,052 shares of the company’s stock, valued at approximately $104,938,383.20. The trade was a 3.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 520,850 shares of company stock worth $12,221,864. Insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Comerica Bank raised its position in TeraWulf by 3,748.5% in the 1st quarter. Comerica Bank now owns 12,700 shares of the company’s stock valued at $35,000 after buying an additional 12,370 shares during the last quarter. Millennium Management LLC lifted its stake in TeraWulf by 47.8% during the 1st quarter. Millennium Management LLC now owns 2,456,045 shares of the company’s stock valued at $6,705,000 after acquiring an additional 793,832 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in TeraWulf by 5.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 41,375 shares of the company’s stock worth $181,000 after acquiring an additional 2,258 shares during the last quarter. Creative Planning boosted its holdings in TeraWulf by 232.2% during the 2nd quarter. Creative Planning now owns 47,665 shares of the company’s stock worth $209,000 after acquiring an additional 33,317 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in TeraWulf by 10.6% during the 2nd quarter. Franklin Resources Inc. now owns 56,684 shares of the company’s stock worth $248,000 after acquiring an additional 5,432 shares during the last quarter. Hedge funds and other institutional investors own 62.49% of the company’s stock.

About TeraWulf

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.