BlackRock Inc. Makes New $577.80 Million Investment in TeraWulf Inc. $WULF

BlackRock Inc. purchased a new position in shares of TeraWulf Inc. (NASDAQ:WULF - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 23,392,928 shares of the company's stock, valued at approximately $577,805,000. BlackRock Inc. owned 4.72% of TeraWulf as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Advisory Services Network LLC purchased a new stake in shares of TeraWulf in the third quarter valued at about $29,000. Vermillion Wealth Management Inc. raised its stake in TeraWulf by 1,191.0% during the fourth quarter. Vermillion Wealth Management Inc. now owns 2,595 shares of the company's stock worth $30,000 after purchasing an additional 2,394 shares during the period. Solstein Capital LLC purchased a new position in TeraWulf during the fourth quarter worth about $34,000. Comerica Bank raised its stake in TeraWulf by 3,748.5% during the first quarter. Comerica Bank now owns 12,700 shares of the company's stock worth $35,000 after purchasing an additional 12,370 shares during the period. Finally, CoreCap Advisors LLC boosted its holdings in TeraWulf by 106.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,447 shares of the company's stock valued at $36,000 after purchasing an additional 747 shares during the last quarter. Institutional investors and hedge funds own 62.49% of the company's stock.

Insider Buying and Selling

In related news, CEO Paul B. Prager sold 137,500 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $26.60, for a total transaction of $3,657,500.00. Following the completion of the transaction, the chief executive officer owned 3,945,052 shares of the company's stock, valued at approximately $104,938,383.20. This trade represents a 3.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael C. Bucella bought 2,860 shares of the company's stock in a transaction that occurred on Monday, August 17th. The stock was bought at an average price of $17.47 per share, with a total value of $49,964.20. Following the acquisition, the director directly owned 344,704 shares in the company, valued at $6,021,978.88. The trade was a 0.84% increase in their position. The SEC filing for this purchase provides additional information. 15.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on WULF shares. Keefe, Bruyette & Woods dropped their price target on shares of TeraWulf from $33.00 to $30.00 and set an "outperform" rating for the company in a research note on Tuesday, July 28th. Oppenheimer reaffirmed an "outperform" rating and set a $35.00 price target on shares of TeraWulf in a research report on Wednesday, May 27th. Rosenblatt Securities reiterated a "buy" rating and issued a $30.00 price objective on shares of TeraWulf in a report on Friday. Zacks Research upgraded TeraWulf from a "strong sell" rating to a "hold" rating in a report on Friday, August 7th. Finally, Sanford C. Bernstein started coverage on TeraWulf in a research report on Wednesday, June 3rd. They issued an "outperform" rating and a $46.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, TeraWulf has a consensus rating of "Moderate Buy" and an average price target of $34.21.

TeraWulf Price Performance

Shares of WULF opened at $15.64 on Monday. The firm has a market cap of $7.80 billion, a P/E ratio of -3.58 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's 50-day moving average price is $20.76 and its 200 day moving average price is $19.67. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 27.25.

TeraWulf (NASDAQ:WULF - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($1.94) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($1.70). The company had revenue of $44.77 million during the quarter, compared to analyst estimates 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 quarterly revenue was down 6.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.05) EPS. On average, sell-side analysts forecast that TeraWulf Inc. will post -0.94 earnings per share for the current year.

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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