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

TeraWulf Inc. (NASDAQ:WULF)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $3.89, but opened at $3.69. TeraWulf shares last traded at $3.78, with a volume of 7,191,783 shares trading hands.

Wall Street Analysts Forecast Growth

WULF has been the subject of a number of analyst reports. Jones Trading assumed coverage on TeraWulf in a report on Monday, March 31st. They set a “buy” rating and a $4.00 price objective for the company. Rosenblatt Securities cut their price target on shares of TeraWulf from $4.50 to $4.00 and set a “buy” rating for the company in a report on Monday, May 12th. One research 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 has an average rating of “Buy” and a consensus target price of $7.86.

TeraWulf Stock Performance

The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -11.88 and a beta of 3.00. The firm’s 50-day simple moving average is $2.95 and its two-hundred day simple moving average is $4.86.

TeraWulf (NASDAQ:WULF) last posted its quarterly earnings data on Friday, May 9th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.09). The company had revenue of $34.41 million during the quarter, compared to the consensus estimate of $45.72 million. TeraWulf had a negative return on equity of 15.91% and a negative net margin of 41.88%. The business’s revenue was down 18.9% on a year-over-year basis. Equities research analysts expect that TeraWulf Inc. will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TeraWulf

Hedge funds have recently added to or reduced their stakes in the company. ARS Investment Partners LLC lifted its position in TeraWulf by 20.0% during the 4th quarter. ARS Investment Partners LLC now owns 12,000 shares of the company’s stock valued at $68,000 after purchasing an additional 2,000 shares during the period. Truist Financial Corp lifted its holdings in TeraWulf by 5.0% in the fourth quarter. Truist Financial Corp now owns 52,500 shares of the company’s stock valued at $297,000 after buying an additional 2,500 shares during the period. CoreCap Advisors LLC boosted its stake in TeraWulf by 67.9% in the fourth quarter. CoreCap Advisors LLC now owns 7,554 shares of the company’s stock valued at $43,000 after acquiring an additional 3,054 shares during the last quarter. Xponance Inc. grew its holdings in TeraWulf by 22.7% during the 4th quarter. Xponance Inc. now owns 19,156 shares of the company’s stock worth $108,000 after acquiring an additional 3,545 shares during the period. Finally, Voya Investment Management LLC grew its holdings in TeraWulf by 4.8% during the 4th quarter. Voya Investment Management LLC now owns 78,815 shares of the company’s stock worth $446,000 after acquiring an additional 3,628 shares during the period. Institutional investors own 62.49% of the company’s stock.

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.