TeraWulf (NASDAQ:WULF) Stock Price Down 5.3% – What’s Next?

TeraWulf Inc. (NASDAQ:WULF)’s stock price dropped 5.3% on Tuesday . The stock traded as low as $3.28 and last traded at $3.29. Approximately 5,143,647 shares were traded during trading, a decline of 81% from the average daily volume of 26,492,325 shares. The stock had previously closed at $3.47.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WULF. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 price target on shares of TeraWulf in a research report on Monday, January 6th. Rosenblatt Securities restated a “buy” rating and issued a $10.00 target price on shares of TeraWulf in a report on Monday, March 3rd. B. Riley upped their price target on shares of TeraWulf from $8.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Needham & Company LLC reissued a “buy” rating and issued a $9.50 price objective on shares of TeraWulf in a research report on Monday, January 13th. Finally, Keefe, Bruyette & Woods started coverage on TeraWulf in a research report on Wednesday, January 8th. They set a “market perform” rating for the company. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, TeraWulf currently has an average rating of “Buy” and an average target price of $9.50.

TeraWulf Trading Down 11.3 %

The company has a market capitalization of $1.11 billion, a PE ratio of -14.55 and a beta of 2.70. The firm’s 50-day simple moving average is $4.36 and its 200-day simple moving average is $5.45.

TeraWulf (NASDAQ:WULF) last announced its quarterly earnings results on Friday, February 28th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). The firm had revenue of $35.00 million during the quarter, compared to analysts’ expectations of $37.43 million. TeraWulf had a negative net margin of 41.88% and a negative return on equity of 15.91%. The company’s revenue for the quarter was up 50.2% compared to the same quarter last year. As a group, analysts anticipate that TeraWulf Inc. will post -0.17 EPS for the current year.

Hedge Funds Weigh In On TeraWulf

Hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. lifted its stake in TeraWulf by 13.3% in the third quarter. Victory Capital Management Inc. now owns 34,866 shares of the company’s stock worth $163,000 after acquiring an additional 4,093 shares during the period. Intech Investment Management LLC purchased a new stake in shares of TeraWulf in the 3rd quarter worth approximately $340,000. Charles Schwab Investment Management Inc. lifted its position in shares of TeraWulf by 258.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,363,951 shares of the company’s stock worth $11,063,000 after purchasing an additional 1,704,013 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of TeraWulf by 66.7% during the third quarter. The Manufacturers Life Insurance Company now owns 145,554 shares of the company’s stock valued at $681,000 after purchasing an additional 58,235 shares in the last quarter. Finally, FMR LLC increased its holdings in TeraWulf by 22.0% during the third quarter. FMR LLC now owns 7,803 shares of the company’s stock valued at $37,000 after buying an additional 1,408 shares during the period. Institutional investors own 62.49% of the company’s stock.

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.