TeraWulf (NASDAQ:WULF) Stock Price Up 6.1% – Still a Buy?

Shares of TeraWulf Inc. (NASDAQ:WULF) rose 6.1% during trading on Tuesday . The stock traded as high as $16.52 and last traded at $16.5030. Approximately 23,446,952 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 30,485,215 shares. The stock had previously closed at $15.55.

Analyst Upgrades and Downgrades

WULF has been the topic of several recent analyst reports. Keefe, Bruyette & Woods decreased their price target on TeraWulf from $24.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $21.00 price target on shares of TeraWulf in a research note on Tuesday, February 3rd. Arete Research initiated coverage on TeraWulf in a research note on Monday, March 23rd. They issued a “buy” rating and a $30.00 price target on the stock. Cantor Fitzgerald boosted their price target on TeraWulf from $18.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, February 27th. Finally, Morgan Stanley initiated coverage on TeraWulf in a research note on Monday, February 9th. They issued an “overweight” rating and a $37.00 price target on the stock. Twelve investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $22.62.

TeraWulf Trading Up 7.0%

The company has a debt-to-equity ratio of 33.00, a current ratio of 2.00 and a quick ratio of 2.00. The company has a market cap of $7.05 billion, a price-to-earnings ratio of -10.20 and a beta of 3.69. The business has a 50 day simple moving average of $15.32 and a 200 day simple moving average of $13.95.

Insiders Place Their Bets

In other TeraWulf news, CEO Paul B. Prager sold 137,500 shares of the business’s stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $16.10, for a total value of $2,213,750.00. Following the transaction, the chief executive officer owned 354,200 shares of the company’s stock, valued at approximately $5,702,620. The trade was a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael C. Bucella acquired 3,171 shares of TeraWulf stock in a transaction on Wednesday, March 4th. The stock was acquired at an average cost of $15.78 per share, for a total transaction of $50,038.38. Following the purchase, the director owned 270,129 shares of the company’s stock, valued at approximately $4,262,635.62. This represents a 1.19% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 13,094 shares of company stock valued at $200,392 and have sold 737,500 shares valued at $11,897,750. Insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On TeraWulf

A number of institutional investors and hedge funds have recently bought and sold shares of WULF. Comerica Bank boosted its stake in TeraWulf by 3,748.5% in the first quarter. Comerica Bank now owns 12,700 shares of the company’s stock worth $35,000 after purchasing an additional 12,370 shares in the last quarter. Millennium Management LLC boosted its stake in TeraWulf by 47.8% in the first quarter. Millennium Management LLC now owns 2,456,045 shares of the company’s stock worth $6,705,000 after purchasing an additional 793,832 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of TeraWulf by 5.8% during the second quarter. Envestnet Asset Management Inc. now owns 41,375 shares of the company’s stock worth $181,000 after acquiring an additional 2,258 shares during the last quarter. Creative Planning raised its position in shares of TeraWulf by 232.2% during the second quarter. Creative Planning now owns 47,665 shares of the company’s stock worth $209,000 after acquiring an additional 33,317 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of TeraWulf by 26.9% during the second quarter. Legal & General Group Plc now owns 300,799 shares of the company’s stock worth $1,318,000 after acquiring an additional 63,748 shares during the last quarter. 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.