TeraWulf (NASDAQ:WULF) Shares Down 8.4% – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF)’s share price dropped 8.4% during mid-day trading on Tuesday . The stock traded as low as $3.02 and last traded at $2.99. Approximately 25,586,851 shares changed hands during trading, a decline of 3% from the average daily volume of 26,327,881 shares. The stock had previously closed at $3.26.

Analyst Upgrades and Downgrades

WULF has been the topic of a number of analyst reports. Keefe, Bruyette & Woods assumed coverage on TeraWulf in a report on Wednesday, January 8th. They set a “market perform” rating on the stock. B. Riley lifted their price objective on TeraWulf from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Needham & Company LLC restated a “buy” rating and issued a $9.50 target price on shares of TeraWulf in a report on Monday, January 13th. Northland Securities reissued an “outperform” rating and issued a $10.00 price objective on shares of TeraWulf in a research report on Tuesday, December 24th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price objective on shares of TeraWulf in a research note on Monday, January 6th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $8.64.

TeraWulf Trading Down 2.7 %

The firm has a market capitalization of $1.24 billion, a PE ratio of -16.05 and a beta of 2.70. The firm has a 50-day moving average of $4.60 and a two-hundred day moving average of $5.48.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its holdings in shares of TeraWulf by 13.3% during the 3rd quarter. Victory Capital Management Inc. now owns 34,866 shares of the company’s stock valued at $163,000 after acquiring an additional 4,093 shares in the last quarter. KBC Group NV purchased a new position in TeraWulf in the third quarter valued at about $39,000. Intech Investment Management LLC acquired a new position in shares of TeraWulf during the third quarter worth about $340,000. Charles Schwab Investment Management Inc. boosted its position in shares of TeraWulf by 258.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,363,951 shares of the company’s stock worth $11,063,000 after buying an additional 1,704,013 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of TeraWulf by 66.7% in the third quarter. The Manufacturers Life Insurance Company now owns 145,554 shares of the company’s stock valued at $681,000 after buying an additional 58,235 shares in the last quarter. 62.49% of the stock is owned by institutional investors and hedge funds.

TeraWulf Company Profile

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.