Connor Clark & Lunn Investment Management Ltd. Invests $61.96 Million in TeraWulf Inc. $WULF

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in TeraWulf Inc. (NASDAQ:WULF) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,508,580 shares of the company’s stock, valued at approximately $61,962,000.

A number of other institutional investors have also made changes to their positions in WULF. Quantbot Technologies LP bought a new stake in shares of TeraWulf in the second quarter worth $2,694,000. Landscape Capital Management L.L.C. bought a new position in TeraWulf in the second quarter valued at $3,920,000. Ieq Capital LLC acquired a new stake in TeraWulf in the 2nd quarter valued at $239,000. Keebeck Wealth Management acquired a new stake in TeraWulf in the 2nd quarter valued at $563,000. Finally, Keating Financial Advisory Services Inc. bought a new stake in TeraWulf during the 2nd quarter worth about $151,000. Institutional investors own 62.49% of the company’s stock.

Insider Transactions at TeraWulf

In other TeraWulf news, Director Michael C. Bucella acquired 3,023 shares of the company’s stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $16.54 per share, for a total transaction of $50,000.42. Following the completion of the purchase, the director directly owned 341,844 shares of the company’s stock, valued at approximately $5,654,099.76. This represents a 0.89% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul B. Prager sold 166,650 shares of the firm’s stock in a transaction that occurred on 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. The trade was a 3.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 15.90% of the company’s stock.

TeraWulf Stock Performance

Shares of WULF stock opened at $15.64 on Monday. The company has a fifty day moving average price of $20.76 and a two-hundred day moving average price of $19.67. TeraWulf Inc. has a one year low of $8.60 and a one year high of $29.84. The stock has a market cap of $7.80 billion, a P/E ratio of -3.58 and a beta of 3.76. The company has a debt-to-equity ratio of 27.25, a current ratio of 0.75 and a quick ratio of 0.75.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.94) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($1.70). The firm had revenue of $44.77 million for 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 for the quarter was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. As a group, equities analysts predict that TeraWulf Inc. will post -0.94 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on WULF shares. Sanford C. Bernstein started coverage on shares of TeraWulf in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $46.00 price objective for the company. Lucid Cap Mkts upgraded TeraWulf to a “strong-buy” rating in a report on Wednesday, May 27th. Chardan Capital reissued a “buy” rating and set a $32.00 price target on shares of TeraWulf in a research report on Wednesday, August 5th. Zacks Research upgraded TeraWulf from a “strong sell” rating to a “hold” rating in a research note on Friday, August 7th. Finally, Morgan Stanley lowered their price target on TeraWulf from $72.00 to $62.50 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.21.

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.