TeraWulf (NASDAQ:WULF) Price Target Raised to $30.00

TeraWulf (NASDAQ:WULF) had its target price boosted by Cantor Fitzgerald from $24.00 to $30.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 58.69% from the company’s previous close.

WULF has been the topic of several other research reports. Keefe, Bruyette & Woods cut their price target on TeraWulf from $24.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 11th. Needham & Company LLC restated a “buy” rating and issued a $21.00 price target on shares of TeraWulf in a research note on Tuesday, February 3rd. Rosenblatt Securities restated a “buy” rating and issued a $23.00 price target on shares of TeraWulf in a research note on Thursday, March 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of TeraWulf in a research report on Friday, March 27th. Finally, Arete Research initiated coverage on shares of TeraWulf in a research report on Monday, March 23rd. They set a “buy” rating and a $30.00 price objective on the stock. Twelve research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, TeraWulf presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.08.

TeraWulf Stock Up 4.7%

Shares of NASDAQ:WULF traded up $0.86 during midday trading on Thursday, reaching $18.91. The company’s stock had a trading volume of 17,025,875 shares, compared to its average volume of 30,746,523. TeraWulf has a 12-month low of $2.18 and a 12-month high of $19.21. The firm has a market capitalization of $8.02 billion, a P/E ratio of -11.53 and a beta of 3.69. The firm has a 50 day moving average of $15.40 and a 200-day moving average of $14.02. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 33.00.

Insider Activity

In other news, CFO Patrick Fleury sold 26,414 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $16.14, for a total transaction of $426,321.96. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael C. Bucella purchased 1,665 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were bought at an average cost of $15.04 per share, for a total transaction of $25,041.60. Following the acquisition, the director owned 280,052 shares in the company, valued at approximately $4,211,982.08. The trade was a 0.60% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have purchased 13,094 shares of company stock valued at $200,392 and have sold 737,500 shares valued at $11,897,750. Insiders own 19.90% of the company’s stock.

Hedge Funds Weigh In On TeraWulf

A number of institutional investors and hedge funds have recently modified their holdings of WULF. Vanguard Group Inc. boosted its holdings in shares of TeraWulf by 37.4% in the fourth quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock worth $386,558,000 after buying an additional 9,162,958 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in shares of TeraWulf in the third quarter worth approximately $69,006,000. Wellington Management Group LLP boosted its holdings in shares of TeraWulf by 36,193.2% in the third quarter. Wellington Management Group LLP now owns 3,901,878 shares of the company’s stock worth $44,559,000 after buying an additional 3,891,127 shares during the last quarter. Marshall Wace LLP lifted its position in TeraWulf by 574.2% during the fourth quarter. Marshall Wace LLP now owns 3,186,200 shares of the company’s stock valued at $36,609,000 after purchasing an additional 2,713,587 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in TeraWulf by 22.2% during the second quarter. Bank of America Corp DE now owns 14,392,299 shares of the company’s stock valued at $63,038,000 after purchasing an additional 2,617,617 shares in the last quarter. 62.49% of the stock is currently owned by hedge funds and other 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.