TeraWulf (NASDAQ:WULF) Announces Earnings Results

Key Points

• TeraWulf reported earnings of ($0.05) per share, missing expectations of ($0.04), but achieved revenue of $47.64 million, which surpassed projections of $46.30 million.
• Institutional investors have increased their stakes in TeraWulf significantly, with Comerica Bank boosting holdings by 3,748.5% in the first quarter.
• Equities analysts have generally rated TeraWulf positively, with an average rating of "Buy" and a price target of $8.06.

TeraWulf (NASDAQ:WULF - Get Free Report) released its quarterly earnings results on Friday. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01), Zacks reports. The company had revenue of $47.64 million during the quarter, compared to analysts' expectations of $46.30 million. TeraWulf had a negative return on equity of 42.09% and a negative net margin of 94.09%. The firm's revenue was up 33.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.03) EPS.

TeraWulf Stock Up 1.8%

Shares of TeraWulf stock traded up $0.09 on Friday, hitting $5.03. 42,077,347 shares of the company's stock traded hands, compared to its average volume of 43,050,512. The stock has a market cap of $1.93 billion, a P/E ratio of -15.24 and a beta of 3.17. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 3.03. The firm's 50-day moving average is $4.64 and its 200 day moving average is $3.97. TeraWulf has a 52-week low of $2.06 and a 52-week high of $9.30.

Hedge Funds Weigh In On TeraWulf

Several institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its holdings in TeraWulf by 47.8% in the first quarter. Millennium Management LLC now owns 2,456,045 shares of the company's stock worth $6,705,000 after purchasing an additional 793,832 shares during the period. Creative Planning boosted its holdings in TeraWulf by 232.2% in the second quarter. Creative Planning now owns 47,665 shares of the company's stock worth $209,000 after purchasing an additional 33,317 shares during the period. Envestnet Asset Management Inc. boosted its holdings in TeraWulf by 5.8% in the second quarter. Envestnet Asset Management Inc. now owns 41,375 shares of the company's stock worth $181,000 after purchasing an additional 2,258 shares during the period. Finally, Comerica Bank boosted its holdings in TeraWulf by 3,748.5% in 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. 62.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on WULF shares. Rosenblatt Securities upped their price target on TeraWulf from $4.50 to $6.00 and gave the stock a "buy" rating in a report on Thursday, June 12th. JMP Securities started coverage on TeraWulf in a report on Thursday, May 22nd. They issued a "market outperform" rating and a $7.00 price target for the company. Finally, Citizens Jmp upgraded TeraWulf to a "strong-buy" rating and set a $7.00 price target for the company in a report on Thursday, May 22nd. One analyst has rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $8.06.

TeraWulf Company Profile

TeraWulf Inc, together with its subsidiaries, operates as a digital asset technology company in the United States. The company develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It is also involved in the provision of miner hosting services to third-party entities. The company was founded in 2021 and is headquartered in Easton, Maryland.

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