Bank of America Corp DE Trims Stake in TeraWulf Inc. (NASDAQ:WULF)

Bank of America Corp DE lowered its position in shares of TeraWulf Inc. (NASDAQ:WULF - Free Report) by 57.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 799,320 shares of the company's stock after selling 1,059,519 shares during the period. Bank of America Corp DE owned about 0.21% of TeraWulf worth $4,524,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of WULF. Charles Schwab Investment Management Inc. raised its holdings in TeraWulf by 4.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,469,948 shares of the company's stock valued at $13,980,000 after buying an additional 105,997 shares during the last quarter. Soros Fund Management LLC acquired a new stake in shares of TeraWulf during the fourth quarter worth $8,632,000. Wellington Management Group LLP grew its holdings in TeraWulf by 1,760.0% during the 4th quarter. Wellington Management Group LLP now owns 1,178,593 shares of the company's stock worth $6,671,000 after acquiring an additional 1,115,228 shares during the period. Barclays PLC boosted its position in shares of TeraWulf by 419.7% during the 3rd quarter. Barclays PLC now owns 424,748 shares of the company's stock valued at $1,989,000 after purchasing an additional 343,016 shares in the last quarter. Finally, BIT Capital GmbH grew its position in shares of TeraWulf by 169.4% during the 4th quarter. BIT Capital GmbH now owns 3,975,768 shares of the company's stock worth $22,503,000 after buying an additional 2,499,865 shares during the period. Institutional investors own 62.49% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on WULF shares. Citizens Jmp upgraded shares of TeraWulf to a "strong-buy" rating and set a $7.00 target price on the stock in a research report on Thursday, May 22nd. Jones Trading initiated coverage on shares of TeraWulf in a report on Monday, March 31st. They set a "buy" rating and a $4.00 price objective on the stock. Rosenblatt Securities cut their price objective on shares of TeraWulf from $4.50 to $4.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, JMP Securities assumed coverage on TeraWulf in a research report on Thursday, May 22nd. They issued a "market outperform" rating and a $7.00 target price for the company. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $7.67.

TeraWulf Trading Down 2.7%

Shares of NASDAQ:WULF traded down $0.10 during mid-day trading on Friday, hitting $3.54. 34,899,664 shares of the company traded hands, compared to its average volume of 30,813,830. The stock has a 50-day moving average price of $3.05 and a two-hundred day moving average price of $4.66. TeraWulf Inc. has a 12-month low of $2.04 and a 12-month high of $9.30. The stock has a market cap of $1.36 billion, a P/E ratio of -10.73 and a beta of 3.00.

TeraWulf (NASDAQ:WULF - Get Free Report) last released its quarterly earnings results on Friday, May 9th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.09). TeraWulf had a negative net margin of 41.88% and a negative return on equity of 15.91%. The firm had revenue of $34.41 million for the quarter, compared to the consensus estimate of $45.72 million. TeraWulf's quarterly revenue was down 18.9% compared to the same quarter last year. As a group, analysts expect that TeraWulf Inc. will post -0.17 earnings per share for the current year.

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.