TeraWulf (NASDAQ:WULF) Shares Gap Up - Here's What Happened

TeraWulf Inc. (NASDAQ:WULF - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $3.91, but opened at $4.10. TeraWulf shares last traded at $4.04, with a volume of 9,067,541 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have commented on WULF. Jones Trading began coverage on TeraWulf in a research report on Monday, March 31st. They issued a "buy" rating and a $4.00 price objective on the stock. Citizens Jmp upgraded TeraWulf to a "strong-buy" rating and set a $7.00 target price for the company in a report on Thursday. JMP Securities began coverage on TeraWulf in a report on Thursday. They issued a "market outperform" rating and a $7.00 target price for the company. Finally, Rosenblatt Securities lowered their target price on TeraWulf from $4.50 to $4.00 and set a "buy" rating for the company in a report on Monday, May 12th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $7.67.

TeraWulf Stock Performance

The stock has a market capitalization of $1.51 billion, a PE ratio of -11.91 and a beta of 3.00. The business has a 50 day moving average of $3.00 and a two-hundred day moving average of $4.80.

TeraWulf (NASDAQ:WULF - Get Free Report) last issued its quarterly earnings data on Friday, May 9th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.09). The company had revenue of $34.41 million for the quarter, compared to analysts' expectations of $45.72 million. TeraWulf had a negative return on equity of 15.91% and a negative net margin of 41.88%. The business's quarterly revenue was down 18.9% on a year-over-year basis. On average, equities analysts expect that TeraWulf Inc. will post -0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On TeraWulf

A number of hedge funds have recently made changes to their positions in WULF. Truist Financial Corp increased its position in TeraWulf by 5.0% during the 4th quarter. Truist Financial Corp now owns 52,500 shares of the company's stock valued at $297,000 after buying an additional 2,500 shares in the last quarter. CoreCap Advisors LLC increased its position in TeraWulf by 67.9% during the 4th quarter. CoreCap Advisors LLC now owns 7,554 shares of the company's stock valued at $43,000 after buying an additional 3,054 shares in the last quarter. Xponance Inc. increased its position in TeraWulf by 22.7% during the 4th quarter. Xponance Inc. now owns 19,156 shares of the company's stock valued at $108,000 after buying an additional 3,545 shares in the last quarter. Voya Investment Management LLC increased its position in TeraWulf by 4.8% during the 4th quarter. Voya Investment Management LLC now owns 78,815 shares of the company's stock valued at $446,000 after buying an additional 3,628 shares in the last quarter. Finally, KBC Group NV increased its position in TeraWulf by 49.3% during the 4th quarter. KBC Group NV now owns 12,349 shares of the company's stock valued at $70,000 after buying an additional 4,077 shares in the last quarter. 62.49% of the stock is currently owned by hedge funds and other institutional investors.

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.