TeraWulf (NASDAQ:WULF) Now Covered by Analysts at Bank of America

Stock analysts at Bank of America assumed coverage on shares of TeraWulf (NASDAQ:WULF) in a research note issued on Monday. The firm set a “buy” rating and a $34.00 price target on the stock. Bank of America‘s price objective suggests a potential upside of 30.47% from the stock’s previous close.

A number of other brokerages have also recently weighed in on WULF. Needham & Company LLC raised their price target on TeraWulf from $22.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Northland Securities set a $30.00 target price on TeraWulf in a research note on Monday, May 4th. Arete Research assumed coverage on TeraWulf in a research note on Monday, March 23rd. They issued a “buy” rating and a $30.00 target price on the stock. Keefe, Bruyette & Woods upped their target price on TeraWulf from $25.00 to $33.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $27.00 target price on shares of TeraWulf in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, TeraWulf currently has an average rating of “Moderate Buy” and an average price target of $31.86.

TeraWulf Price Performance

TeraWulf stock opened at $26.06 on Monday. TeraWulf has a one year low of $3.39 and a one year high of $27.78. The company has a market cap of $12.91 billion, a P/E ratio of -10.51 and a beta of 3.82. The business has a fifty day moving average of $22.12 and a two-hundred day moving average of $17.13. The company has a debt-to-equity ratio of 33.00, a quick ratio of 1.20 and a current ratio of 1.20.

TeraWulf (NASDAQ:WULF) last announced its quarterly earnings results on Friday, May 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.82). TeraWulf had a negative net margin of 611.46% and a negative return on equity of 305.07%. The firm had revenue of $34.01 million during the quarter, compared to analysts’ expectations of $34.69 million. During the same quarter in the prior year, the business earned ($0.16) EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, analysts predict that TeraWulf will post -0.96 earnings per share for the current fiscal year.

Insider Activity at TeraWulf

In related news, CFO Patrick Fleury sold 573,586 shares of the business’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $16.14, for a total value of $9,257,678.04. Following the completion of the transaction, the chief financial officer owned 3,205,000 shares of the company’s stock, valued at approximately $51,728,700. The trade was a 15.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael C. Bucella bought 1,665 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The stock was purchased at an average cost of $15.04 per share, with a total value of $25,041.60. Following the purchase, the director directly owned 280,052 shares in the company, valued at $4,211,982.08. The trade was a 0.60% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 6,500 shares of company stock valued at $100,333 and sold 1,120,850 shares valued at $20,462,114. 15.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in TeraWulf by 37.4% in the 4th quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock valued at $386,558,000 after purchasing an additional 9,162,958 shares during the last quarter. Bank of America Corp DE raised its stake in TeraWulf by 22.2% in the 2nd quarter. Bank of America Corp DE now owns 14,392,299 shares of the company’s stock valued at $63,038,000 after purchasing an additional 2,617,617 shares during the last quarter. Morgan Stanley grew its holdings in TeraWulf by 8.1% in the 4th quarter. Morgan Stanley now owns 9,641,209 shares of the company’s stock valued at $110,778,000 after buying an additional 724,286 shares during the period. Geode Capital Management LLC grew its holdings in TeraWulf by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 8,377,589 shares of the company’s stock valued at $96,274,000 after buying an additional 318,842 shares during the period. Finally, State Street Corp grew its holdings in TeraWulf by 4.2% in the 4th quarter. State Street Corp now owns 7,349,508 shares of the company’s stock valued at $84,446,000 after buying an additional 298,645 shares during the period. Institutional investors and hedge funds own 62.49% of the company’s stock.

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.