TeraWulf (NASDAQ:WULF) Trading 8.8% Higher - Here's Why

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

Analysts Set New Price Targets

WULF has been the topic of a number of analyst reports. Rosenblatt Securities increased their target price on shares of TeraWulf from $4.50 to $6.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Jones Trading started coverage on TeraWulf in a research note on Monday, March 31st. They set 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 research report on Thursday, May 22nd. Finally, JMP Securities initiated coverage on TeraWulf in a report on Thursday, May 22nd. They set a "market outperform" rating and a $7.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $7.89.

TeraWulf Stock Performance

The company has a debt-to-equity ratio of 3.03, a current ratio of 1.90 and a quick ratio of 1.90. The stock has a 50-day simple moving average of $3.61 and a 200-day simple moving average of $4.23. The stock has a market cap of $1.62 billion, a P/E ratio of -12.77 and a beta of 3.09.

TeraWulf (NASDAQ:WULF - Get Free Report) last posted its quarterly earnings results 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 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 business's quarterly revenue was down 18.9% on a year-over-year basis. Research analysts forecast that TeraWulf Inc. will post -0.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WULF. Rhumbline Advisers increased its stake in shares of TeraWulf by 15.0% in the fourth quarter. Rhumbline Advisers now owns 347,001 shares of the company's stock valued at $1,964,000 after buying an additional 45,322 shares during the period. Truist Financial Corp increased its position in TeraWulf by 5.0% in the 4th quarter. Truist Financial Corp now owns 52,500 shares of the company's stock valued at $297,000 after acquiring an additional 2,500 shares during the period. Ieq Capital LLC acquired a new position in TeraWulf in the 4th quarter valued at approximately $285,000. Bank of New York Mellon Corp increased its position in TeraWulf by 8.2% in the 4th quarter. Bank of New York Mellon Corp now owns 742,656 shares of the company's stock valued at $4,203,000 after acquiring an additional 56,312 shares during the period. Finally, SRN Advisors LLC bought a new position in shares of TeraWulf during the fourth quarter valued at $792,000. 62.49% of the stock is currently 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.