Honeycomb Asset Management LP Takes $722,000 Position in TeraWulf Inc. $WULF

Honeycomb Asset Management LP bought a new position in TeraWulf Inc. (NASDAQ:WULF) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 50,000 shares of the company’s stock, valued at approximately $722,000. TeraWulf accounts for about 3.7% of Honeycomb Asset Management LP’s holdings, making the stock its 4th largest holding.

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

Insider Activity

In related news, CEO Paul B. Prager sold 137,500 shares of TeraWulf stock in a transaction on Monday, June 29th. The shares were sold at an average price of $26.60, for a total value of $3,657,500.00. Following the completion of the sale, the chief executive officer 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 15.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Northland Securities set a $30.00 price objective on shares of TeraWulf in a research report on Monday, May 4th. Chardan Capital assumed coverage on shares of TeraWulf in a research report on Monday, July 27th. They issued a “buy” rating and a $32.00 target price for the company. Jefferies Financial Group began coverage on shares of TeraWulf in a report on Thursday, May 14th. They set a “buy” rating and a $28.00 price target on the stock. Compass Point set a $40.00 price target on shares of TeraWulf in a research note on Monday, July 6th. Finally, Needham & Company LLC increased their price objective on TeraWulf from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.29.

TeraWulf Price Performance

Shares of WULF opened at $17.66 on Friday. The company has a debt-to-equity ratio of 33.00, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market cap of $8.75 billion, a PE ratio of -7.12 and a beta of 3.73. The firm’s 50 day moving average price is $23.27 and its 200 day moving average price is $19.30. TeraWulf Inc. has a twelve month low of $4.64 and a twelve month high of $29.84.

TeraWulf (NASDAQ:WULF) last posted its earnings results on Friday, May 8th. The company reported ($1.01) 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 during the quarter, compared to the consensus estimate of $34.69 million. During the same period in the prior year, the firm earned ($0.16) earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. As a group, research analysts expect that TeraWulf Inc. will post -1.06 EPS for the current fiscal year.

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.