Man Group plc Buys New Shares in TeraWulf Inc. $WULF

Key Points

• Man Group plc purchased 476,606 TeraWulf shares worth approximately $11.8 million, while institutional investors collectively own 62.49% of the company.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus and an average price target of $34.21; targets include Needham’s increased objective of $33.00.
• TeraWulf reported a significant quarterly loss of $1.94 per share versus the $0.24 consensus estimate, alongside $44.77 million in revenue that declined 6% year over year.

Man Group plc purchased a new stake in shares of TeraWulf Inc. (NASDAQ:WULF - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 476,606 shares of the company's stock, valued at approximately $11,772,000. Man Group plc owned approximately 0.10% of TeraWulf as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of TeraWulf by 37.4% in the 4th 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. BlackRock Inc. bought a new position in shares of TeraWulf during the second quarter valued at approximately $577,805,000. Bank of America Corp DE lifted its position in shares of TeraWulf by 22.2% in the 2nd quarter. Bank of America Corp DE now owns 14,392,299 shares of the company's stock worth $63,038,000 after purchasing an additional 2,617,617 shares during the period. Morgan Stanley lifted its holdings in TeraWulf by 8.1% in the fourth quarter. Morgan Stanley now owns 9,641,209 shares of the company's stock worth $110,778,000 after buying an additional 724,286 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of TeraWulf by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 8,377,589 shares of the company's stock worth $96,274,000 after acquiring an additional 318,842 shares during the period. 62.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WULF has been the topic of several research reports. Northland Securities set a $30.00 price target on TeraWulf in a research report on Monday, May 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of TeraWulf in a research report on Wednesday, June 24th. HC Wainwright reissued a "buy" rating on shares of TeraWulf in a research note on Friday, August 21st. Needham & Company LLC raised their price objective on TeraWulf from $28.00 to $33.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Finally, Jefferies Financial Group initiated coverage on TeraWulf in a report on Thursday, May 14th. They issued a "buy" rating and a $28.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.21.

Insider Buying and Selling at TeraWulf

In other TeraWulf news, CEO Paul B. Prager sold 137,500 shares of the firm's 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 sale, the chief executive officer directly owned 3,945,052 shares of the company's stock, valued at $104,938,383.20. This trade represents a 3.37% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael C. Bucella acquired 3,023 shares of the stock in a transaction dated Friday, August 14th. The stock was acquired at an average price of $16.54 per share, for a total transaction of $50,000.42. Following the completion of the transaction, the director directly 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 disclosure for this purchase is available in the SEC filing. Corporate insiders own 15.90% of the company's stock.

TeraWulf Stock Performance

Shares of WULF opened at $16.49 on Friday. The company has a market cap of $8.23 billion, a price-to-earnings ratio of -3.77 and a beta of 3.76. The business's fifty day simple moving average is $19.78 and its two-hundred day simple moving average is $19.73. TeraWulf Inc. has a 12 month low of $8.60 and a 12 month high of $29.84. 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 announced its earnings results on Wednesday, August 5th. The company reported ($1.94) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($1.70). The company had revenue of $44.77 million for 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%. TeraWulf's quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. Research analysts anticipate that TeraWulf Inc. will post -0.94 earnings per share for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source