TeraWulf (NASDAQ:WULF) Stock Price Down 11.1% – Here’s Why

TeraWulf Inc. (NASDAQ:WULF)’s share price dropped 11.1% on Tuesday . The company traded as low as $15.76 and last traded at $15.6550. Approximately 22,413,111 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 31,616,912 shares. The stock had previously closed at $17.60.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Morgan Stanley reduced their price objective on TeraWulf from $72.00 to $62.50 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Northland Securities set a $30.00 target price on shares of TeraWulf in a research note on Monday, May 4th. Sanford C. Bernstein started coverage on TeraWulf in a report on Wednesday, June 3rd. They issued an “outperform” rating and a $46.00 price target for the company. Jefferies Financial Group started coverage on TeraWulf in a research note on Thursday, May 14th. They issued a “buy” rating and a $28.00 target price for the company. Finally, B. Riley Financial upped their price target on TeraWulf from $32.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, TeraWulf has a consensus rating of “Moderate Buy” and an average target price of $34.21.

TeraWulf Stock Performance

The company’s fifty day simple moving average is $21.14 and its two-hundred day simple moving average is $19.63. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of -3.55 and a beta of 3.76. The company has a debt-to-equity ratio of 27.25, a quick ratio of 0.75 and a current ratio of 0.75.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.94) EPS for the quarter, missing the consensus estimate of ($0.24) by ($1.70). The company had revenue of $44.77 million for the quarter, compared to the consensus estimate of $46.00 million. TeraWulf had a negative return on equity of 458.62% and a negative net margin of 1,179.94%.The business’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) EPS. Equities research analysts predict that TeraWulf Inc. will post -0.94 earnings per share for the current fiscal year.

Insider Activity at TeraWulf

In other TeraWulf news, Director Michael C. Bucella bought 2,860 shares of the company’s stock in a transaction on Monday, August 17th. The shares were bought at an average cost of $17.47 per share, with a total value of $49,964.20. Following the completion of the acquisition, the director owned 344,704 shares of the company’s stock, valued at approximately $6,021,978.88. This trade represents a 0.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Paul B. Prager sold 137,500 shares of TeraWulf stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $26.60, for a total transaction of $3,657,500.00. Following the completion of the transaction, the chief executive officer directly owned 3,945,052 shares of the company’s stock, valued at $104,938,383.20. This trade represents a 3.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of TeraWulf

Institutional investors and hedge funds have recently made changes to their positions in the stock. Two Sigma Securities LLC boosted its position in TeraWulf by 55.7% during the 2nd quarter. Two Sigma Securities LLC now owns 33,387 shares of the company’s stock valued at $825,000 after purchasing an additional 11,946 shares during the period. Alyeska Investment Group L.P. bought a new position in shares of TeraWulf during the second quarter worth about $14,223,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in TeraWulf by 54.7% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 753,721 shares of the company’s stock valued at $18,617,000 after purchasing an additional 266,607 shares during the last quarter. Navellier & Associates Inc. boosted its stake in TeraWulf by 41.9% during the 2nd quarter. Navellier & Associates Inc. now owns 50,534 shares of the company’s stock valued at $1,248,000 after purchasing an additional 14,933 shares during the period. Finally, SPX Gestao de Recursos Ltda bought a new position in TeraWulf in the 2nd quarter worth about $638,000. 62.49% of the stock is currently owned by institutional investors and hedge funds.

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.