TeraWulf (NASDAQ:WULF) Trading Up 14.3% - Here's What Happened

TeraWulf Inc. (NASDAQ:WULF - Get Free Report)'s share price shot up 14.3% during trading on Wednesday . The company traded as high as $4.32 and last traded at $4.32. 44,500,713 shares changed hands during mid-day trading, an increase of 43% from the average session volume of 31,055,409 shares. The stock had previously closed at $3.78.

Analyst Ratings Changes

Several research analysts have weighed in on WULF shares. Rosenblatt Securities dropped their target price on TeraWulf from $4.50 to $4.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. JMP Securities initiated coverage on shares of TeraWulf in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $7.00 price objective on the stock. Jones Trading began coverage on shares of TeraWulf in a research report on Monday, March 31st. They issued a "buy" rating and a $4.00 target price for the company. Finally, Citizens Jmp upgraded shares of TeraWulf to a "strong-buy" rating and set a $7.00 target price for the company in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $7.67.

TeraWulf Trading Up 13.6%

The stock has a market cap of $1.67 billion, a P/E ratio of -13.18 and a beta of 3.09. The company has a 50 day simple moving average of $3.16 and a 200 day simple moving average of $4.55.

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

Hedge Funds Weigh In On TeraWulf

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. bought a new position in shares of TeraWulf during the 1st quarter worth approximately $29,000. Calamos Advisors LLC acquired a new stake in TeraWulf during the 1st quarter valued at $33,000. Arete Wealth Advisors LLC bought a new position in TeraWulf during the first quarter worth $33,000. Comerica Bank grew its holdings in TeraWulf by 3,748.5% in the 1st quarter. Comerica Bank now owns 12,700 shares of the company's stock valued at $35,000 after buying an additional 12,370 shares in the last quarter. Finally, Platform Technology Partners acquired a new position in shares of TeraWulf in the first quarter valued at about $39,000. 62.49% of the stock is owned by institutional investors.

About TeraWulf

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.