TeraWulf (NASDAQ:WULF) Shares Gap Up – Here’s Why

TeraWulf Inc. (NASDAQ:WULF)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $6.85, but opened at $7.07. TeraWulf shares last traded at $7.02, with a volume of 4,053,660 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on WULF shares. Stifel Canada upgraded shares of TeraWulf from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, October 4th. Roth Capital raised shares of TeraWulf to a “strong-buy” rating in a report on Tuesday, July 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of TeraWulf in a report on Thursday, October 3rd. Needham & Company LLC began coverage on TeraWulf in a research note on Wednesday, September 4th. They set a “buy” rating and a $6.00 price target for the company. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $5.00 price objective on shares of TeraWulf in a report on Tuesday, October 8th. Six analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $6.17.

TeraWulf Stock Performance

The stock’s 50 day moving average price is $4.69 and its 200-day moving average price is $3.92.

TeraWulf (NASDAQ:WULF) last issued its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter. The firm had revenue of $35.57 million during the quarter, compared to analysts’ expectations of $35.73 million. TeraWulf had a negative return on equity of 19.77% and a negative net margin of 41.67%. As a group, sell-side analysts predict that TeraWulf Inc. will post -0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On TeraWulf

A number of large investors have recently bought and sold shares of the business. Chicago Partners Investment Group LLC purchased a new position in shares of TeraWulf in the 3rd quarter worth approximately $67,000. Sippican Capital Advisors grew its stake in TeraWulf by 31.2% during the 3rd quarter. Sippican Capital Advisors now owns 27,150 shares of the company’s stock valued at $127,000 after purchasing an additional 6,450 shares during the last quarter. JFS Wealth Advisors LLC increased its holdings in TeraWulf by 28.6% in the 3rd quarter. JFS Wealth Advisors LLC now owns 45,000 shares of the company’s stock worth $211,000 after buying an additional 10,000 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of TeraWulf by 43.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 656,520 shares of the company’s stock worth $3,073,000 after acquiring an additional 199,345 shares during the period. Finally, Zweig DiMenna Associates LLC acquired a new stake in TeraWulf during the 3rd quarter worth about $9,489,000. 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.