Jennison Associates LLC Acquires New Shares in TeraWulf Inc. $WULF

Key Points

• Jennison Associates LLC opened a new position in TeraWulf during the first quarter, buying 3.7 million shares worth about $53.4 million and ending with a 0.85% stake in the company.
• TeraWulf continues to attract heavy institutional interest, with hedge funds and other institutions owning 62.49% of the stock; several firms, including Vanguard and Wellington, also recently increased their holdings.
• Analyst views are mixed but generally positive: the stock carries a Moderate Buy consensus and an average price target of $34.60, though the company recently reported a wider-than-expected loss and revenue slightly below estimates.

Jennison Associates LLC bought a new stake in shares of TeraWulf Inc. (NASDAQ:WULF - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,701,895 shares of the company's stock, valued at approximately $53,418,000. Jennison Associates LLC owned 0.85% of TeraWulf at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of TeraWulf by 37.4% in the fourth quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company's stock valued at $386,558,000 after purchasing an additional 9,162,958 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in TeraWulf during the 3rd quarter worth about $69,006,000. Wellington Management Group LLP boosted its stake in TeraWulf by 36,193.2% in the 3rd quarter. Wellington Management Group LLP now owns 3,901,878 shares of the company's stock worth $44,559,000 after purchasing an additional 3,891,127 shares during the period. Marshall Wace LLP grew its holdings in TeraWulf by 574.2% during the 4th quarter. Marshall Wace LLP now owns 3,186,200 shares of the company's stock valued at $36,609,000 after buying an additional 2,713,587 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in TeraWulf by 22.2% during the 2nd quarter. Bank of America Corp DE now owns 14,392,299 shares of the company's stock valued at $63,038,000 after buying an additional 2,617,617 shares in the last quarter. Hedge funds and other institutional investors own 62.49% of the company's stock.

Analysts Set New Price Targets

WULF has been the topic of a number of recent analyst reports. Jefferies Financial Group began coverage on shares of TeraWulf in a report on Thursday, May 14th. They issued a "buy" rating and a $28.00 price target on the stock. Zacks Research cut shares of TeraWulf from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 9th. Bank of America began coverage on shares of TeraWulf in a research note on Monday, June 15th. They set a "buy" rating and a $34.00 price objective for the company. Northland Securities set a $30.00 target price on shares of TeraWulf in a report on Monday, May 4th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of TeraWulf in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $34.60.

TeraWulf Price Performance

Shares of NASDAQ:WULF opened at $18.16 on Monday. The company's fifty day moving average price is $24.14 and its 200-day moving average price is $18.94. The company has a debt-to-equity ratio of 33.00, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market capitalization of $9.00 billion, a price-to-earnings ratio of -7.32 and a beta of 3.73. TeraWulf Inc. has a one year low of $4.64 and a one year high of $29.84.

TeraWulf (NASDAQ:WULF - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.82). TeraWulf had a negative return on equity of 305.07% and a negative net margin of 611.46%.The company had revenue of $34.01 million for the quarter, compared to the consensus estimate of $34.69 million. During the same period in the prior year, the firm posted ($0.16) earnings per share. The business's revenue was down 1.1% on a year-over-year basis. On average, equities research analysts anticipate that TeraWulf Inc. will post -1.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other TeraWulf news, CEO Paul B. Prager sold 137,500 shares of TeraWulf stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $26.60, for a total transaction of $3,657,500.00. Following the completion of the sale, the chief executive officer owned 3,945,052 shares of the company's stock, valued at $104,938,383.20. The trade was a 3.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 520,850 shares of company stock worth $12,221,864 in the last quarter. Company insiders own 15.90% of the company's stock.

About TeraWulf

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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