Bank of New York Mellon Corp Invests $24.79 Million in TeraWulf Inc. $WULF

Key Points

• Bank of New York Mellon acquired 1,003,480 TeraWulf shares worth approximately $24.79 million, giving it a 0.20% stake. Institutional investors collectively own 62.49% of the company.
• Director Michael Bucella purchased about $50,000 of stock, while CEO Paul Prager sold 137,500 shares worth roughly $2.35 million under a pre-arranged Rule 10b5-1 plan.
• TeraWulf reported a steep quarterly EPS loss of $1.94, missing estimates by $1.70, while revenue fell 6% year over year to $44.77 million. Analysts nevertheless maintain a consensus “Moderate Buy” rating with an average price target of $34.21.

Bank of New York Mellon Corp bought a new position in shares of TeraWulf Inc. (NASDAQ:WULF - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,003,480 shares of the company's stock, valued at approximately $24,786,000. Bank of New York Mellon Corp owned 0.20% of TeraWulf as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in TeraWulf by 37.4% during the fourth quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company's stock worth $386,558,000 after buying an additional 9,162,958 shares in the last quarter. Engle Capital Management L.P. increased its holdings in TeraWulf by 574.3% in the first quarter. Engle Capital Management L.P. now owns 2,950,100 shares of the company's stock valued at $42,570,000 after buying an additional 2,512,600 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of TeraWulf by 45.1% during the 4th quarter. Oppenheimer & Co. Inc. now owns 140,101 shares of the company's stock valued at $1,610,000 after acquiring an additional 43,574 shares during the period. Pictet Asset Management Holding SA boosted its stake in shares of TeraWulf by 178.8% during the 4th quarter. Pictet Asset Management Holding SA now owns 151,005 shares of the company's stock worth $1,735,000 after acquiring an additional 96,843 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in shares of TeraWulf during the 1st quarter worth approximately $53,418,000. Hedge funds and other institutional investors own 62.49% of the company's stock.

Insider Buying and Selling at TeraWulf

In other news, Director Michael C. Bucella acquired 3,023 shares of the company's stock in a transaction dated Friday, August 14th. The shares were bought at an average price of $16.54 per share, with a total value of $50,000.42. Following the purchase, the director owned 341,844 shares of the company's stock, valued at approximately $5,654,099.76. This represents a 0.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Paul B. Prager sold 137,500 shares of TeraWulf stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $17.06, for a total transaction of $2,345,750.00. Following the completion of the transaction, the chief executive officer owned 3,807,552 shares in the company, valued at approximately $64,956,837.12. This trade represents a 3.49% decrease in their position. 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. Company insiders own 15.90% of the company's stock.

TeraWulf Stock Performance

TeraWulf stock opened at $15.35 on Monday. The stock's 50-day moving average is $19.51 and its 200-day moving average is $19.72. The company has a market cap of $7.66 billion, a price-to-earnings ratio of -3.51 and a beta of 3.76. TeraWulf Inc. has a 12 month low of $8.60 and a 12 month high of $29.84. The company has a debt-to-equity ratio of 27.25, a current ratio of 0.75 and a quick ratio of 0.75.

TeraWulf (NASDAQ:WULF - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.94) EPS for the quarter, missing the consensus estimate of ($0.24) by ($1.70). The company had revenue of $44.77 million during the quarter, compared to analysts' expectations of $46.00 million. TeraWulf had a negative net margin of 1,179.94% and a negative return on equity of 458.62%. The company's revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period last year, the business earned ($0.05) earnings per share. Equities analysts anticipate that TeraWulf Inc. will post -0.94 earnings per share for the current year.

Analysts Set New Price Targets

WULF has been the topic of a number of research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of TeraWulf in a research note on Wednesday, June 24th. Keefe, Bruyette & Woods reduced their price target on shares of TeraWulf from $33.00 to $30.00 and set an "outperform" rating on the stock in a report on Tuesday, July 28th. Northland Securities set a $30.00 price target on shares of TeraWulf in a research report on Monday, May 4th. Zacks Research raised shares of TeraWulf from a "strong sell" rating to a "hold" rating in a research note on Friday, August 7th. Finally, B. Riley Financial lifted their price objective on TeraWulf from $32.00 to $40.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, TeraWulf has an average rating of "Moderate Buy" and an average price target of $34.21.

TeraWulf Company Profile

TeraWulf, Inc NASDAQ: WULF is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.

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