TeraWulf (NASDAQ:WULF) Shares Up 8.8% - Here's What Happened

TeraWulf Inc. (NASDAQ:WULF - Get Free Report) traded up 8.8% during trading on Tuesday . The stock traded as high as $3.86 and last traded at $3.89. 8,120,289 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 31,607,515 shares. The stock had previously closed at $3.57.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WULF shares. JMP Securities assumed coverage on shares of TeraWulf in a research note on Thursday, May 22nd. They set a "market outperform" rating and a $7.00 price target for the company. Rosenblatt Securities lifted their price target on shares of TeraWulf from $4.50 to $6.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Jones Trading initiated coverage on shares of TeraWulf in a research note on Monday, March 31st. They set a "buy" rating and a $4.00 price objective for the company. Finally, Citizens Jmp raised TeraWulf to a "strong-buy" rating and set a $7.00 target price on the stock in a research report on Thursday, May 22nd. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $7.89.

TeraWulf Stock Up 7.6%

The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a fifty day simple moving average of $3.51 and a 200-day simple moving average of $4.26. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -11.64 and a beta of 3.09.

TeraWulf (NASDAQ:WULF - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.09). The company had revenue of $34.41 million during the quarter, compared to analyst estimates of $45.72 million. TeraWulf had a negative net margin of 94.09% and a negative return on equity of 42.09%. The company's quarterly revenue was down 18.9% on a year-over-year basis. As a group, sell-side analysts expect that TeraWulf Inc. will post -0.17 EPS for the current year.

Institutional Trading of TeraWulf

Several hedge funds have recently added to or reduced their stakes in WULF. Charles Schwab Investment Management Inc. raised its position in shares of TeraWulf by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,469,948 shares of the company's stock valued at $13,980,000 after buying an additional 105,997 shares in the last quarter. Soros Fund Management LLC acquired a new position in TeraWulf in the 4th quarter valued at $8,632,000. Wellington Management Group LLP lifted its position in shares of TeraWulf by 1,760.0% during the 4th quarter. Wellington Management Group LLP now owns 1,178,593 shares of the company's stock valued at $6,671,000 after acquiring an additional 1,115,228 shares during the period. BIT Capital GmbH grew its holdings in shares of TeraWulf by 169.4% during the 4th quarter. BIT Capital GmbH now owns 3,975,768 shares of the company's stock worth $22,503,000 after purchasing an additional 2,499,865 shares in the last quarter. Finally, Senator Investment Group LP bought a new position in shares of TeraWulf in the fourth quarter worth $24,371,000. 62.49% of the stock is owned by institutional investors and hedge funds.

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.