TeraWulf (NASDAQ:WULF) Stock Price Down 8.5% – Here’s Why

Shares of TeraWulf Inc. (NASDAQ:WULF) traded down 8.5% during mid-day trading on Wednesday. The stock traded as low as $12.24 and last traded at $12.0910. Approximately 4,853,731 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 31,007,236 shares. The stock had previously closed at $13.21.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Compass Point set a $40.00 price objective on TeraWulf in a report on Monday, July 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $37.00 price target on shares of TeraWulf in a report on Wednesday, July 15th. Freedom Capital raised shares of TeraWulf to a “strong-buy” rating in a research report on Tuesday, September 8th. UBS Group started coverage on TeraWulf in a report on Wednesday, September 23rd. They set a “buy” rating and a $24.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating on shares of TeraWulf in a report on Friday, August 21st. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.86.

TeraWulf Price Performance

The business has a fifty day moving average price of $15.89 and a 200 day moving average price of $19.67. The company has a market cap of $5.92 billion, a price-to-earnings ratio of -2.72 and a beta of 3.80. 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 announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.94) earnings per share (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 net margin of 1,179.94% and a negative return on equity of 458.62%. The company’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.05) earnings per share. As a group, research analysts anticipate that TeraWulf Inc. will post -1.00 earnings per share for the current year.

Insider Transactions at TeraWulf

In other TeraWulf news, Director Michael Bucella acquired 6,085 shares of TeraWulf stock in a transaction that occurred on Tuesday, September 15th. The shares were bought at an average price of $14.79 per share, with a total value of $89,997.15. Following the completion of the purchase, the director directly owned 350,789 shares in the company, valued at $5,188,169.31. This trade represents a 1.77% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Walter Carter sold 130,626 shares of TeraWulf stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $15.14, for a total value of $1,977,677.64. Following the completion of the transaction, the director directly owned 229,090 shares in the company, valued at approximately $3,468,422.60. This represents a 36.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 11,968 shares of company stock worth $189,962. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On TeraWulf

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Engle Capital Management L.P. boosted its stake in shares of TeraWulf by 574.3% during the 1st quarter. Engle Capital Management L.P. now owns 2,950,100 shares of the company’s stock worth $42,570,000 after acquiring an additional 2,512,600 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of TeraWulf in the second quarter valued at about $3,534,000. Jennison Associates LLC acquired a new position in shares of TeraWulf during the 1st quarter worth about $53,418,000. Troluce Capital Advisors LLC acquired a new position in shares of TeraWulf during the first quarter valued at approximately $33,189,000. Finally, Alyeska Investment Group L.P. acquired a new position in TeraWulf in the 2nd quarter valued at $14,223,000. Institutional investors own 62.49% of the company’s stock.

TeraWulf Company Profile

TeraWulf, Inc is a digital infrastructure company that develops and operates energy-intensive computing facilities in the United States. The company has primarily focused on bitcoin mining, using specialized application-specific integrated circuit (ASIC) hardware and power infrastructure to support cryptocurrency production.

TeraWulf emphasizes the use of low-carbon energy sources, including nuclear and hydropower, as part of its strategy to reduce the environmental impact of its operations.