Van ECK Associates Corp Has $49.53 Million Holdings in TeraWulf Inc. $WULF

Key Points

• Van ECK Associates trimmed its TeraWulf position by 13.8% in the second quarter, selling 321,335 shares and retaining 2.01 million shares valued at $49.53 million. Institutional investors collectively own 62.49% of the company.
• Insider activity was mixed: Director Michael Bucella bought 2,860 shares, while CEO Paul Prager sold 137,500 shares under a pre-arranged Rule 10b5-1 plan.
• TeraWulf shares opened at $15.35 after declining 6.9%; the company posted a quarterly loss of $1.94 per share, far below analysts’ expected loss of $0.24. Despite the weak results, analysts maintain a “Moderate Buy” consensus with a $34.21 average price target.

Van ECK Associates Corp trimmed its holdings in shares of TeraWulf Inc. (NASDAQ:WULF - Free Report) by 13.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,005,207 shares of the company's stock after selling 321,335 shares during the quarter. Van ECK Associates Corp owned about 0.40% of TeraWulf worth $49,529,000 as of its most recent filing with the SEC.

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

Insider Buying and Selling at TeraWulf

In other TeraWulf news, Director Michael C. Bucella acquired 2,860 shares of the company's stock in a transaction that occurred on Monday, August 17th. The stock was acquired at an average cost of $17.47 per share, for a total transaction of $49,964.20. Following the transaction, the director directly owned 344,704 shares in the company, valued at $6,021,978.88. This represents a 0.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Paul B. Prager sold 137,500 shares of the firm's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $17.06, for a total value of $2,345,750.00. Following the completion of the sale, the chief executive officer directly owned 3,807,552 shares in the company, valued at $64,956,837.12. This trade represents a 3.49% 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 owned by corporate insiders.

TeraWulf Stock Down 6.9%

Shares of WULF opened at $15.35 on Friday. The firm has a 50 day simple moving average of $19.51 and a two-hundred day simple moving average of $19.70. 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 Inc. has a one year low of $8.60 and a one year high of $29.84. The company has a market cap of $7.66 billion, a P/E ratio of -3.51 and a beta of 3.76.

TeraWulf (NASDAQ:WULF - Get Free Report) last issued 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). TeraWulf had a negative net margin of 1,179.94% and a negative return on equity of 458.62%. The business had revenue of $44.77 million during the quarter, compared to analyst estimates of $46.00 million. During the same period in the prior year, the business posted ($0.05) EPS. The company's revenue for the quarter was down 6.0% compared to the same quarter last year. Research analysts forecast that TeraWulf Inc. will post -0.94 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on WULF shares. Zacks Research upgraded TeraWulf from a "strong sell" rating to a "hold" rating in a research note on Friday, August 7th. Chardan Capital reiterated a "buy" rating and set a $32.00 target price on shares of TeraWulf in a research report on Wednesday, August 5th. Morgan Stanley decreased their price target on TeraWulf from $72.00 to $62.50 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Keefe, Bruyette & Woods dropped their price target on TeraWulf from $33.00 to $30.00 and set an "outperform" rating for the company in a research note on Tuesday, July 28th. Finally, William Blair initiated coverage on shares of TeraWulf in a research report on Friday. They set an "outperform" rating for the company. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $34.21.

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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