TeraWulf (NASDAQ:WULF) Shares Gap Up – Here’s Why

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up prior to trading on Tuesday . The stock had previously closed at $6.85, but opened at $7.07. TeraWulf shares last traded at $7.02, with a volume of 4,053,660 shares trading hands.

Analyst Ratings Changes

A number of research firms have commented on WULF. B. Riley reaffirmed a “buy” rating and set a $6.00 price target on shares of TeraWulf in a research report on Monday, October 7th. Rosenblatt Securities reissued a “buy” rating and set a $5.00 price objective on shares of TeraWulf in a research report on Tuesday, October 8th. Roth Capital raised shares of TeraWulf to a “strong-buy” rating in a research report on Tuesday, July 2nd. Roth Mkm reiterated a “buy” rating and set a $6.50 price target on shares of TeraWulf in a research report on Monday, July 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of TeraWulf in a research report on Thursday, October 3rd. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $6.17.

TeraWulf Price Performance

The firm has a 50-day moving average price of $4.69 and a 200-day moving average price of $3.92.

TeraWulf (NASDAQ:WULF) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter. TeraWulf had a negative net margin of 41.67% and a negative return on equity of 19.77%. The firm had revenue of $35.57 million for the quarter, compared to the consensus estimate of $35.73 million. As a group, research analysts expect that TeraWulf Inc. will post -0.1 earnings per share for the current year.

Institutional Trading of TeraWulf

A number of large investors have recently made changes to their positions in WULF. Amalgamated Bank raised its stake in TeraWulf by 57.7% during the 2nd quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock valued at $35,000 after buying an additional 2,912 shares during the last quarter. Aspect Partners LLC bought a new stake in shares of TeraWulf during the 3rd quarter valued at $26,000. Price T Rowe Associates Inc. MD increased its stake in TeraWulf by 16.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 45,082 shares of the company’s stock worth $119,000 after buying an additional 6,450 shares in the last quarter. Sippican Capital Advisors raised its holdings in TeraWulf by 31.2% during the third quarter. Sippican Capital Advisors now owns 27,150 shares of the company’s stock valued at $127,000 after acquiring an additional 6,450 shares during the period. Finally, ARS Investment Partners LLC purchased a new position in shares of TeraWulf in the second quarter valued at about $44,000. 62.49% of the stock is currently owned by institutional investors.

About TeraWulf

TeraWulf Inc, together with its subsidiaries, operates as a digital asset technology company in the United States. The company develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It is also involved in the provision of miner hosting services to third-party entities. The company was founded in 2021 and is headquartered in Easton, Maryland.