TD Cowen Upgrades TeraWulf (NASDAQ:WULF) to Strong-Buy

TeraWulf (NASDAQ:WULF) was upgraded by equities researchers at TD Cowen to a “strong-buy” rating in a report released on Monday, Zacks reports.

Other analysts have also issued research reports about the company. Keefe, Bruyette & Woods decreased their price objective on TeraWulf from $33.00 to $30.00 and set an “outperform” rating on the stock in a report on Tuesday, July 28th. HC Wainwright reissued a “buy” rating on shares of TeraWulf in a report on Friday, August 21st. Zacks Research raised TeraWulf from a “strong sell” rating to a “hold” rating in a report on Friday, August 7th. Compass Point set a $40.00 price objective on shares of TeraWulf in a research note on Monday, July 6th. Finally, Morgan Stanley increased their price target on TeraWulf from $62.50 to $65.00 and gave the stock an “overweight” rating in a research report on Friday. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.86.

TeraWulf Stock Performance

Shares of WULF opened at $13.21 on Monday. 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 has a one year low of $10.47 and a one year high of $29.84. The company’s fifty day moving average price is $15.89 and its 200 day moving average price is $19.67. The company has a market capitalization of $6.59 billion, a PE ratio of -3.02 and a beta of 3.80.

TeraWulf (NASDAQ:WULF) last announced its earnings results 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). TeraWulf had a negative net margin of 1,179.94% and a negative return on equity of 458.62%. The business had revenue of $44.77 million for the quarter, compared to the consensus estimate of $46.00 million. During the same quarter in the previous year, the company earned ($0.05) EPS. TeraWulf’s revenue for the quarter was down 6.0% compared to the same quarter last year. As a group, analysts expect that TeraWulf will post -1.00 earnings per share for the current year.

Insider Buying and Selling at TeraWulf

In related news, Director Walter E. Carter sold 130,626 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $15.14, for a total value of $1,977,677.64. Following the completion of the transaction, the director directly owned 229,090 shares of the company’s stock, valued at approximately $3,468,422.60. This represents a 36.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul B. Prager sold 137,500 shares of TeraWulf stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $17.06, for a total value of $2,345,750.00. Following the completion of the sale, the chief executive officer directly owned 3,807,552 shares in the company, valued at $64,956,837.12. This represents a 3.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders acquired 11,968 shares of company stock valued at $189,962. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of TeraWulf in the second quarter valued at about $577,805,000. Bank of America Corp DE increased its stake in shares of TeraWulf by 9.2% during the 1st quarter. Bank of America Corp DE now owns 5,777,458 shares of the company’s stock worth $83,369,000 after purchasing an additional 488,184 shares during the last quarter. Jennison Associates LLC acquired a new stake in TeraWulf in the 1st quarter valued at about $53,418,000. Engle Capital Management L.P. raised its stake in TeraWulf by 574.3% in the first quarter. Engle Capital Management L.P. now owns 2,950,100 shares of the company’s stock valued at $42,570,000 after buying an additional 2,512,600 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of TeraWulf during the 2nd quarter worth approximately $61,962,000. Institutional investors own 62.49% of the company’s stock.

TeraWulf Company Profile

TeraWulf, Inc is a digital infrastructure company that develops and operates energy-intensive computing facilities in the United States. The company has primarily focused on bitcoin mining, using specialized application-specific integrated circuit (ASIC) hardware and power infrastructure to support cryptocurrency production.

TeraWulf emphasizes the use of low-carbon energy sources, including nuclear and hydropower, as part of its strategy to reduce the environmental impact of its operations.