TeraWulf (NASDAQ:WULF) Shares Down 12% – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF) dropped 12% on Thursday. The company traded as low as $11.26 and last traded at $11.2350. 30,063,127 shares were traded during trading, a decline of 6% from the average daily volume of 31,942,340 shares. The stock had previously closed at $12.76.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on WULF. UBS Group initiated coverage on TeraWulf in a report on Wednesday, September 23rd. They issued a “buy” rating and a $24.00 price objective for the company. Zacks Research lowered shares of TeraWulf from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 13th. HC Wainwright reaffirmed a “buy” rating on shares of TeraWulf in a report on Friday, August 21st. Rothschild & Co Redburn began coverage on TeraWulf in a research note on Monday, September 21st. They set a “neutral” rating and a $15.00 price objective for the company. Finally, Morgan Stanley boosted their price target on shares of TeraWulf from $62.50 to $65.00 and gave the company an “overweight” rating in a report on Friday, October 9th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.52.

TeraWulf Stock Down 11.3%

The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 27.25. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of -2.59 and a beta of 3.80. The business has a 50-day moving average price of $15.28 and a 200-day moving average price of $19.57.

TeraWulf (NASDAQ:WULF) last posted 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 analysts’ expectations of $46.00 million. TeraWulf had a negative return on equity of 458.62% and a negative net margin of 1,179.94%. The company’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. As a group, equities analysts anticipate that TeraWulf Inc. will post -1.00 earnings per share for the current fiscal year.

Insider Activity at TeraWulf

In other news, Director Walter E. Carter sold 130,626 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $15.14, for a total transaction of $1,977,677.64. Following the completion of the sale, the director owned 229,090 shares in the company, valued at approximately $3,468,422.60. This represents a 36.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael C. Bucella bought 6,085 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average price of $14.79 per share, for a total transaction of $89,997.15. Following the completion of the purchase, the director directly owned 350,789 shares in the company, valued at $5,188,169.31. The trade was a 1.77% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders bought 11,968 shares of company stock valued at $189,962. Insiders own 15.90% of the company’s stock.

Institutional Trading of TeraWulf

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CoreCap Advisors LLC lifted its holdings in TeraWulf by 106.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,447 shares of the company’s stock valued at $36,000 after purchasing an additional 747 shares during the last quarter. First United Bank & Trust bought a new position in shares of TeraWulf in the first quarter worth about $37,000. Ameritas Advisory Services LLC bought a new stake in shares of TeraWulf during the second quarter valued at approximately $41,000. Summit Securities Group LLC bought a new position in TeraWulf in the 1st quarter worth approximately $48,000. Finally, Solstein Capital LLC bought a new position in TeraWulf in the 2nd quarter valued at $74,000. Institutional investors own 62.49% of the company’s stock.

TeraWulf Company Profile

TeraWulf Inc is a digital asset infrastructure company focused primarily on developing and operating environmentally conscious data centers for bitcoin mining and other high-performance computing applications. The company emphasizes the use of low-carbon energy, including nuclear and hydroelectric power, to support energy-intensive computing operations.

TeraWulf operates mining and data center facilities in the United States, including the Lake Mariner site in New York and the Nautilus Cryptomine facility in Pennsylvania.