TeraWulf’s (WULF) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of TeraWulf (NASDAQ:WULF) in a report released on Tuesday morning,Benzinga reports. They currently have a $21.00 price objective on the stock.

Several other research firms also recently weighed in on WULF. Keefe, Bruyette & Woods upgraded TeraWulf from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $9.50 to $24.00 in a research note on Wednesday, December 31st. Compass Point set a $17.00 price objective on shares of TeraWulf and gave the company a “neutral” rating in a report on Tuesday, October 28th. Citigroup reiterated a “market outperform” rating on shares of TeraWulf in a research note on Tuesday, November 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of TeraWulf in a research report on Monday, December 29th. Finally, JMP Securities set a $22.00 price objective on shares of TeraWulf in a report on Wednesday, October 29th. Twelve investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.15.

TeraWulf Stock Down 14.1%

TeraWulf stock opened at $11.92 on Tuesday. The firm has a 50 day moving average price of $13.50 and a 200-day moving average price of $11.60. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 4.45. TeraWulf has a twelve month low of $2.06 and a twelve month high of $17.05. The company has a market capitalization of $4.99 billion, a P/E ratio of -8.39 and a beta of 3.69.

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

Insider Activity

In other TeraWulf news, Director Michael C. Bucella acquired 4,178 shares of the stock in a transaction that occurred on Thursday, November 13th. The shares were bought 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 owned 266,958 shares of the company’s stock, valued at approximately $3,206,165.58. This represents a 1.59% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On TeraWulf

A number of institutional investors have recently added to or reduced their stakes in WULF. Comerica Bank boosted its position in shares of TeraWulf by 3,748.5% during the 1st quarter. Comerica Bank now owns 12,700 shares of the company’s stock valued at $35,000 after acquiring an additional 12,370 shares during the last quarter. Millennium Management LLC raised its stake in TeraWulf by 47.8% in the first quarter. Millennium Management LLC now owns 2,456,045 shares of the company’s stock valued at $6,705,000 after purchasing an additional 793,832 shares in the last quarter. 111 Capital purchased a new position in TeraWulf in the 2nd quarter worth approximately $129,000. Sax Wealth Advisors LLC purchased a new position in TeraWulf in the 2nd quarter worth approximately $49,000. Finally, Johnson Investment Counsel Inc. bought a new position in shares of TeraWulf in the 2nd quarter worth $110,000. 62.49% of the stock is currently owned by institutional investors.

About TeraWulf

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.