Tortoise Investment Management LLC Invests $3.79 Million in TeraWulf Inc. $WULF

Key Points

• Tortoise Investment Management initiated a $3.79 million position in TeraWulf during the second quarter by purchasing 153,225 shares. Institutional investors collectively own 62.49% of the company.
• TeraWulf’s latest quarterly results fell well short of expectations, with a $1.94 loss per share versus a projected $0.24 loss and revenue of $44.77 million. Revenue declined 6% year over year, while the company reported deeply negative margins and return on equity.
• Despite the weak earnings, analysts maintain a “Moderate Buy” consensus rating with an average price target of $34.21, well above the reported $17.60 share price. A director also recently purchased $50,000 of stock, while the CEO sold shares under a pre-arranged trading plan.

Tortoise Investment Management LLC bought a new position in shares of TeraWulf Inc. (NASDAQ:WULF - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 153,225 shares of the company's stock, valued at approximately $3,785,000.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in shares of TeraWulf by 25.2% in the 2nd quarter. GAMMA Investing LLC now owns 3,387 shares of the company's stock valued at $84,000 after acquiring an additional 681 shares during the period. CoreCap Advisors LLC lifted its holdings in shares of TeraWulf by 106.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,447 shares of the company's stock valued at $36,000 after acquiring an additional 747 shares in the last quarter. R Squared Ltd boosted its position in TeraWulf by 5.0% during the 4th quarter. R Squared Ltd now owns 22,207 shares of the company's stock worth $255,000 after purchasing an additional 1,056 shares during the period. Franklin Resources Inc. boosted its position in TeraWulf by 2.0% during the 4th quarter. Franklin Resources Inc. now owns 63,005 shares of the company's stock worth $724,000 after purchasing an additional 1,259 shares during the period. Finally, IFP Advisors Inc increased its holdings in TeraWulf by 14.5% in the 4th quarter. IFP Advisors Inc now owns 12,378 shares of the company's stock valued at $142,000 after purchasing an additional 1,563 shares in the last quarter. 62.49% of the stock is currently owned by hedge funds and other institutional investors.

TeraWulf Stock Performance

Shares of WULF stock opened at $17.60 on Tuesday. The company has a debt-to-equity ratio of 27.25, a quick ratio of 0.75 and a current ratio of 0.75. TeraWulf Inc. has a one year low of $8.60 and a one year high of $29.84. The company's 50-day simple moving average is $21.49 and its 200-day simple moving average is $19.62. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of -4.03 and a beta of 3.76.

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

Insider Activity at TeraWulf

In other news, Director Michael C. Bucella bought 3,023 shares of the firm's stock in a transaction dated Friday, August 14th. The stock was bought at an average price of $16.54 per share, for a total transaction of $50,000.42. Following the transaction, the director owned 341,844 shares in the company, valued at $5,654,099.76. The trade was a 0.89% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Paul B. Prager sold 166,650 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $24.43, for a total value of $4,071,259.50. Following the completion of the sale, the chief executive officer owned 4,249,202 shares of the company's stock, valued at $103,808,004.86. This trade represents a 3.77% decrease in their ownership of the stock. 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. 15.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Cantor Fitzgerald restated an "overweight" rating and set a $37.00 price objective on shares of TeraWulf in a research note on Wednesday, July 15th. Sanford C. Bernstein initiated coverage on TeraWulf in a research note on Wednesday, June 3rd. They issued an "outperform" rating and a $46.00 target price for the company. Bank of America started coverage on TeraWulf in a research report on Monday, June 15th. They set a "buy" rating and a $34.00 price target on the stock. B. Riley Financial upped their price target on TeraWulf from $32.00 to $40.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $35.00 price objective on shares of TeraWulf in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price 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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