5,670,334 Shares in TeraWulf Inc. $WULF Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 5.67 million TeraWulf shares worth approximately $140.1 million, acquiring a 1.14% stake during the second quarter. Other institutional investors also initiated positions, with institutions and hedge funds collectively owning 62.49% of the company.
• TeraWulf insiders were net sellers over the past three months, selling 405,626 shares worth nearly $8.0 million while purchasing 11,968 shares. The CEO and a director both reduced their holdings through disclosed transactions.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $33.99 price target, despite TeraWulf reporting a larger-than-expected quarterly loss and 6% year-over-year revenue decline.

Bank of America Corp DE purchased a new stake in TeraWulf Inc. (NASDAQ:WULF - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,670,334 shares of the company's stock, valued at approximately $140,057,000. Bank of America Corp DE owned approximately 1.14% of TeraWulf as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Tiptree Advisors LLC purchased a new stake in shares of TeraWulf in the second quarter worth approximately $8,838,000. Odyssean LLC purchased a new stake in TeraWulf in the 2nd quarter valued at $554,000. Man Group plc bought a new position in TeraWulf during the 2nd quarter valued at $11,772,000. Jupiter Topco LLC bought a new position in TeraWulf during the 2nd quarter valued at $4,210,000. Finally, EFG International AG purchased a new position in TeraWulf during the 2nd quarter worth $4,489,000. Institutional investors and hedge funds own 62.49% of the company's stock.

Insider Buying and Selling at TeraWulf

In other TeraWulf news, Director Walter Carter sold 130,626 shares of the business's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $15.14, for a total value of $1,977,677.64. Following the transaction, the director directly owned 229,090 shares in the company, valued at $3,468,422.60. The trade was a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Paul Prager sold 137,500 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $17.06, for a total transaction of $2,345,750.00. Following the transaction, the chief executive officer directly owned 3,807,552 shares of the company's stock, valued at $64,956,837.12. This represents a 3.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have purchased 11,968 shares of company stock worth $189,962 and have sold 405,626 shares worth $7,980,928. Corporate insiders own 15.90% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $37.00 target price on shares of TeraWulf in a research note on Wednesday, July 15th. William Blair began coverage on shares of TeraWulf in a research report on Friday, August 28th. They set an "outperform" rating on the stock. Sanford C. Bernstein assumed coverage on shares of TeraWulf in a report on Wednesday, June 3rd. They set an "outperform" rating and a $46.00 price target on the stock. Morgan Stanley reduced their price objective on shares of TeraWulf from $72.00 to $62.50 and set an "overweight" rating for the company in a research report on Thursday, August 13th. Finally, Zacks Research upgraded shares of TeraWulf from a "strong sell" rating to a "hold" rating in a research note on Friday, August 7th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $33.99.

TeraWulf Trading Up 7.0%

NASDAQ WULF opened at $16.47 on Friday. The business's fifty day moving average is $17.17 and its 200-day moving average is $19.69. The company has a debt-to-equity ratio of 27.25, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of -3.77 and a beta of 3.70. TeraWulf Inc. has a one year low of $10.43 and a one year high of $29.84.

TeraWulf (NASDAQ:WULF - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.94) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($1.70). TeraWulf had a negative net margin of 1,179.94% and a negative return on equity of 458.62%. The company had revenue of $44.77 million for the quarter, compared to the consensus estimate of $46.00 million. During the same quarter in the previous year, the company posted ($0.05) EPS. TeraWulf's quarterly revenue was down 6.0% compared to the same quarter last year. Equities research analysts predict that TeraWulf Inc. will post -0.95 EPS for the current year.

TeraWulf Company Profile

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.

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