TeraWulf (NASDAQ:WULF) Trading Down 3.9% – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF)’s share price traded down 3.9% on Tuesday . The company traded as low as $2.62 and last traded at $2.57. 4,855,659 shares were traded during mid-day trading, a decline of 88% from the average session volume of 41,516,441 shares. The stock had previously closed at $2.67.

Wall Street Analyst Weigh In

Several research firms have weighed in on WULF. Needham & Company LLC reaffirmed a “buy” rating and set a $9.50 price target on shares of TeraWulf in a research report on Monday, January 13th. Atb Cap Markets raised shares of TeraWulf to a “strong-buy” rating in a report on Sunday, January 5th. B. Riley upped their price objective on TeraWulf from $8.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Rosenblatt Securities reiterated a “buy” rating and issued a $10.00 price objective on shares of TeraWulf in a research note on Monday, March 3rd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price objective on shares of TeraWulf in a research note on Monday, January 6th. One investment 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. According to MarketBeat, TeraWulf has an average rating of “Buy” and an average target price of $8.71.

TeraWulf Price Performance

The stock has a market capitalization of $890.14 million, a PE ratio of -11.62 and a beta of 2.76. The stock’s 50 day simple moving average is $3.85 and its two-hundred day simple moving average is $5.38.

TeraWulf (NASDAQ:WULF) last posted its quarterly earnings results on Friday, February 28th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $35.00 million during the quarter, compared to the consensus estimate of $37.43 million. The firm’s quarterly revenue was up 50.2% compared to the same quarter last year. As a group, equities research analysts predict that TeraWulf Inc. will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TeraWulf

A number of institutional investors have recently added to or reduced their stakes in the business. Rosenberg Matthew Hamilton bought a new stake in TeraWulf in the fourth quarter worth $32,000. FMR LLC lifted its position in shares of TeraWulf by 22.0% in the 3rd quarter. FMR LLC now owns 7,803 shares of the company’s stock worth $37,000 after purchasing an additional 1,408 shares during the period. CoreCap Advisors LLC grew its holdings in shares of TeraWulf by 67.9% during the 4th quarter. CoreCap Advisors LLC now owns 7,554 shares of the company’s stock worth $43,000 after acquiring an additional 3,054 shares during the period. Hodges Capital Management Inc. bought a new position in TeraWulf in the third quarter worth $47,000. Finally, Stifel Financial Corp bought a new position in shares of TeraWulf in the 3rd quarter worth about $47,000. 62.49% of the stock is currently owned by institutional investors.

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.