TeraWulf (NASDAQ:WULF) Upgraded to “Strong-Buy” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of TeraWulf (NASDAQ:WULF) to a strong-buy rating in a report published on Thursday,Zacks reports.

A number of other equities analysts have also weighed in on the company. Keefe, Bruyette & Woods decreased their target price on TeraWulf from $33.00 to $30.00 and set an “outperform” rating for the company in a research report on Tuesday, July 28th. Zacks Research raised shares of TeraWulf from a “strong sell” rating to a “hold” rating in a report on Friday, August 7th. HC Wainwright reiterated a “buy” rating on shares of TeraWulf in a research note on Friday, August 21st. Rosenblatt Securities reissued a “buy” rating and set a $30.00 price objective on shares of TeraWulf in a report on Friday, August 21st. Finally, Morgan Stanley lowered their price objective on shares of TeraWulf from $72.00 to $62.50 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $33.99.

TeraWulf Stock Performance

WULF stock opened at $16.47 on Thursday. The stock has a market capitalization of $8.22 billion, a PE ratio of -3.77 and a beta of 3.70. TeraWulf has a 12-month low of $10.43 and a 12-month high of $29.84. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 27.25. The stock’s 50 day simple moving average is $17.17 and its 200 day simple moving average is $19.69.

TeraWulf (NASDAQ:WULF) last posted its earnings results on Wednesday, August 5th. The company reported ($1.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($1.70). The business had revenue of $44.77 million during 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 firm’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. As a group, research analysts forecast that TeraWulf will post -0.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other TeraWulf news, Director Michael Bucella purchased 6,085 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was acquired at an average price of $14.79 per share, for a total transaction of $89,997.15. Following the purchase, the director owned 350,789 shares of the company’s stock, valued at approximately $5,188,169.31. This represents a 1.77% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Paul Prager sold 137,500 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $17.06, for a total value of $2,345,750.00. Following the completion of the transaction, the chief executive officer directly owned 3,807,552 shares in the company, valued at approximately $64,956,837.12. This represents a 3.49% 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. In the last 90 days, insiders have bought 11,968 shares of company stock worth $189,962 and have sold 405,626 shares worth $7,980,928. 15.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of WULF. BlackRock Inc. purchased a new position in shares of TeraWulf during the 2nd quarter worth about $577,805,000. Bank of America Corp DE bought a new stake in TeraWulf in the second quarter worth about $140,057,000. Jennison Associates LLC bought a new stake in TeraWulf in the first quarter worth about $53,418,000. Engle Capital Management L.P. boosted its position in shares of TeraWulf by 574.3% during the first quarter. Engle Capital Management L.P. now owns 2,950,100 shares of the company’s stock valued at $42,570,000 after buying an additional 2,512,600 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of TeraWulf during the second quarter valued at approximately $61,962,000. 62.49% of the stock is owned by hedge funds and other institutional investors.

About TeraWulf

TeraWulf Inc (NASDAQ: WULF) develops and operates digital-asset mining and high-performance computing infrastructure. The company has focused primarily on bitcoin mining while expanding its data-center platform to support artificial intelligence, cloud computing and other high-density computing applications.

TeraWulf emphasizes access to low-cost, predominantly zero-carbon energy and designs, builds and operates energy-intensive data-center facilities. Its operations have included the Lake Mariner facility in New York and the Nautilus Cryptomine facility in Pennsylvania, which was developed in collaboration with Cumulus Coin.