TeraWulf (NASDAQ:WULF) Shares Gap Up to $3.91

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up prior to trading on Thursday . The stock had previously closed at $3.91, but opened at $4.08. TeraWulf shares last traded at $4.05, with a volume of 1,970,626 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on WULF shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of TeraWulf in a research note on Tuesday. B. Riley reaffirmed a “buy” rating and issued a $6.00 price objective on shares of TeraWulf in a research note on Monday, August 26th. Rosenblatt Securities lifted their target price on shares of TeraWulf from $4.20 to $5.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Roth Capital raised shares of TeraWulf to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, Needham & Company LLC initiated coverage on TeraWulf in a research report on Wednesday. They issued a “buy” rating and a $6.00 price objective for the company. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $5.71.

TeraWulf Stock Down 11.5 %

The business’s fifty day simple moving average is $4.56 and its 200 day simple moving average is $3.23.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter. TeraWulf had a negative return on equity of 19.77% and a negative net margin of 41.67%. The company had revenue of $35.57 million for the quarter, compared to the consensus estimate of $35.73 million. Equities analysts predict that TeraWulf Inc. will post -0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On TeraWulf

A number of hedge funds have recently added to or reduced their stakes in the company. Algert Global LLC acquired a new position in shares of TeraWulf during the second quarter worth approximately $102,000. Driehaus Capital Management LLC acquired a new position in TeraWulf during the second quarter worth $9,948,000. Scientech Research LLC bought a new position in shares of TeraWulf in the second quarter valued at $1,040,000. The Manufacturers Life Insurance Company grew its holdings in shares of TeraWulf by 60.9% during the second quarter. The Manufacturers Life Insurance Company now owns 87,319 shares of the company’s stock valued at $389,000 after buying an additional 33,058 shares during the last quarter. Finally, Duquesne Family Office LLC bought a new stake in shares of TeraWulf during the second quarter worth about $9,301,000. Institutional investors and hedge funds 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.