TeraWulf (NASDAQ:WULF) Shares Down 6.5% – Here’s Why

TeraWulf Inc. (NASDAQ:WULF)’s stock price was down 6.5% on Wednesday . The stock traded as low as $3.02 and last traded at $2.97. Approximately 6,443,242 shares changed hands during trading, a decline of 85% from the average daily volume of 44,062,316 shares. The stock had previously closed at $3.17.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on WULF. Northland Securities restated an “outperform” rating and issued a $10.00 target price on shares of TeraWulf in a research note on Tuesday, December 24th. B. Riley raised their price objective on TeraWulf from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Rosenblatt Securities reiterated a “buy” rating and issued a $10.00 target price on shares of TeraWulf in a research report on Monday, March 3rd. Needham & Company LLC reissued a “buy” rating and set a $9.50 price target on shares of TeraWulf in a research report on Monday, January 13th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of TeraWulf in a research note on Wednesday, January 8th. They set a “market perform” rating for the company. One analyst has rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $8.64.

TeraWulf Price Performance

The stock has a fifty day simple moving average of $4.83 and a 200-day simple moving average of $5.51. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -14.95 and a beta of 2.70.

TeraWulf (NASDAQ:WULF) last posted its earnings results on Friday, February 28th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.04). The firm had revenue of $35.00 million during the quarter, compared to analyst estimates of $37.43 million. TeraWulf had a negative net margin of 41.88% and a negative return on equity of 15.91%. The company’s quarterly revenue was up 50.2% on a year-over-year basis. As a group, equities analysts expect that TeraWulf Inc. will post -0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On TeraWulf

A number of institutional investors have recently modified their holdings of the business. Rosenberg Matthew Hamilton acquired a new position in TeraWulf in the 4th quarter worth about $32,000. FMR LLC raised its stake in shares of TeraWulf by 22.0% during the 3rd quarter. FMR LLC now owns 7,803 shares of the company’s stock worth $37,000 after buying an additional 1,408 shares during the period. KBC Group NV acquired a new position in shares of TeraWulf during the 3rd quarter worth approximately $39,000. CoreCap Advisors LLC lifted its position in shares of TeraWulf by 67.9% during the 4th quarter. CoreCap Advisors LLC now owns 7,554 shares of the company’s stock valued at $43,000 after buying an additional 3,054 shares in the last quarter. Finally, Hodges Capital Management Inc. acquired a new stake in TeraWulf in the 3rd quarter valued at $47,000. 62.49% of the stock is currently owned by institutional investors and hedge funds.

About TeraWulf

TeraWulf Inc, together with its subsidiaries, operates as a digital asset technology company in the United States. The company develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It is also involved in the provision of miner hosting services to third-party entities. The company was founded in 2021 and is headquartered in Easton, Maryland.