TeraWulf (NASDAQ:WULF) Sees Large Volume Increase – Time to Buy?

Shares of TeraWulf Inc. (NASDAQ:WULF) saw strong trading volume on Thursday . 26,276,311 shares were traded during mid-day trading, an increase of 30% from the previous session’s volume of 20,229,656 shares.The stock last traded at $6.39 and had previously closed at $6.40.

Analysts Set New Price Targets

Several research analysts recently issued reports on WULF shares. Roth Capital upgraded shares of TeraWulf to a “strong-buy” rating in a research note on Tuesday, July 2nd. Needham & Company LLC began coverage on TeraWulf in a report on Wednesday, September 4th. They set a “buy” rating and a $6.00 price target for the company. Roth Mkm reiterated a “buy” rating and issued a $6.50 price target on shares of TeraWulf in a research note on Monday, July 8th. Rosenblatt Securities reissued a “buy” rating and set a $5.00 price target on shares of TeraWulf in a research report on Tuesday, October 8th. Finally, Stifel Canada upgraded shares of TeraWulf from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, October 4th. Six investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $6.17.

TeraWulf Price Performance

The stock’s 50 day simple moving average is $4.64 and its 200 day simple moving average is $3.87.

TeraWulf (NASDAQ:WULF) last posted its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $35.73 million. On average, sell-side analysts anticipate that TeraWulf Inc. will post -0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of TeraWulf by 17.7% during the 1st quarter. Vanguard Group Inc. now owns 11,722,320 shares of the company’s stock worth $30,830,000 after purchasing an additional 1,764,115 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of TeraWulf by 50.8% in the 1st quarter. Van ECK Associates Corp now owns 6,733,179 shares of the company’s stock valued at $17,708,000 after buying an additional 2,268,870 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of TeraWulf in the 2nd quarter valued at $22,443,000. Hood River Capital Management LLC purchased a new stake in TeraWulf during the 2nd quarter worth about $20,532,000. Finally, Driehaus Capital Management LLC acquired a new position in shares of TeraWulf during the 2nd quarter worth about $9,948,000. Hedge funds and other 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.