TeraWulf (NASDAQ:WULF) Shares Gap Up on Analyst Upgrade

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up prior to trading on Wednesday after Keefe, Bruyette & Woods upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $11.15, but opened at $11.81. Keefe, Bruyette & Woods now has a $24.00 price target on the stock. TeraWulf shares last traded at $11.6440, with a volume of 3,946,740 shares.

WULF has been the subject of a number of other reports. Citigroup reissued a “market outperform” rating on shares of TeraWulf in a research report on Tuesday, November 11th. Cantor Fitzgerald reissued an “overweight” rating and issued a $18.00 target price on shares of TeraWulf in a report on Tuesday, December 23rd. Oppenheimer assumed coverage on TeraWulf in a research note on Tuesday, October 28th. They set an “outperform” rating and a $20.00 price target on the stock. Wall Street Zen lowered TeraWulf from a “hold” rating to a “sell” rating in a research report on Sunday, October 26th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $24.00 price objective on shares of TeraWulf in a report on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.15.

Insider Transactions at TeraWulf

In other news, Director Michael C. Bucella acquired 4,178 shares of TeraWulf stock in a transaction that occurred on Thursday, November 13th. The stock was purchased at an average price of $12.01 per share, for a total transaction of $50,177.78. Following the completion of the transaction, the director directly owned 266,958 shares in the company, valued at approximately $3,206,165.58. This trade represents a 1.59% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 19.90% of the stock is owned by corporate insiders.

Institutional Trading of TeraWulf

Several hedge funds have recently modified their holdings of WULF. Voloridge Investment Management LLC acquired a new position in TeraWulf during the third quarter worth $69,006,000. Wellington Management Group LLP boosted its position in shares of TeraWulf by 36,193.2% during the 3rd quarter. Wellington Management Group LLP now owns 3,901,878 shares of the company’s stock worth $44,559,000 after purchasing an additional 3,891,127 shares in the last quarter. Hodges Capital Management Inc. boosted its position in shares of TeraWulf by 17,747.4% during the 1st quarter. Hodges Capital Management Inc. now owns 3,569,479 shares of the company’s stock worth $9,745,000 after purchasing an additional 3,549,479 shares in the last quarter. Bank of America Corp DE grew its stake in shares of TeraWulf by 22.2% during the 2nd quarter. Bank of America Corp DE now owns 14,392,299 shares of the company’s stock worth $63,038,000 after purchasing an additional 2,617,617 shares during the period. Finally, Jump Financial LLC purchased a new position in shares of TeraWulf in the 3rd quarter valued at about $27,220,000. 62.49% of the stock is owned by institutional investors and hedge funds.

TeraWulf Price Performance

The stock has a market cap of $4.88 billion, a price-to-earnings ratio of -8.20 and a beta of 3.83. The company’s 50 day moving average is $13.50 and its 200 day moving average is $10.01. The company has a debt-to-equity ratio of 4.45, a current ratio of 1.03 and a quick ratio of 1.03.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings data on Monday, November 10th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($1.09). The firm had revenue of $50.58 million during the quarter, compared to analysts’ expectations of $56.27 million. TeraWulf had a negative net margin of 336.53% and a negative return on equity of 69.75%. The firm’s quarterly revenue was up 86.9% on a year-over-year basis. Research analysts forecast that TeraWulf Inc. will post -0.17 earnings per share for the current fiscal year.

TeraWulf Company Profile

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.