TeraWulf (NASDAQ:WULF) Trading Down 9.3% – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF)’s share price traded down 9.3% during trading on Thursday . The company traded as low as $6.21 and last traded at $6.25. 8,386,384 shares were traded during mid-day trading, a decline of 60% from the average session volume of 20,718,502 shares. The stock had previously closed at $6.89.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of TeraWulf in a report on Thursday, October 3rd. B. Riley reiterated a “buy” rating and issued a $6.00 price target on shares of TeraWulf in a research note on Monday, October 7th. Needham & Company LLC started coverage on TeraWulf in a research note on Wednesday, September 4th. They issued a “buy” rating and a $6.00 price target for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $5.00 price target on shares of TeraWulf in a research note on Tuesday, October 8th. Finally, Stifel Canada lowered TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $6.17.

TeraWulf Trading Down 4.9 %

The stock has a 50-day moving average price of $4.83 and a two-hundred day moving average price of $4.02.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter. The company had revenue of $35.57 million during the quarter, compared to analysts’ expectations of $35.73 million. TeraWulf had a negative return on equity of 19.77% and a negative net margin of 41.67%. As a group, sell-side analysts forecast that TeraWulf Inc. will post -0.1 EPS for the current year.

Institutional Trading of TeraWulf

Institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management raised its stake in shares of TeraWulf by 30.2% during the third quarter. Hollencrest Capital Management now owns 77,593 shares of the company’s stock valued at $363,000 after acquiring an additional 18,000 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of TeraWulf during the third quarter valued at approximately $67,000. Sippican Capital Advisors raised its stake in shares of 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 in the last quarter. JFS Wealth Advisors LLC raised its stake in TeraWulf by 28.6% in the third quarter. JFS Wealth Advisors LLC now owns 45,000 shares of the company’s stock worth $211,000 after buying an additional 10,000 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in TeraWulf by 43.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 656,520 shares of the company’s stock worth $3,073,000 after buying an additional 199,345 shares in the last quarter. 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.