TeraWulf (NASDAQ:WULF) Trading Down 4.6% - Here's Why

TeraWulf Inc. (NASDAQ:WULF - Get Free Report)'s share price traded down 4.6% on Thursday . The company traded as low as $4.04 and last traded at $4.04. 8,189,686 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 30,966,679 shares. The stock had previously closed at $4.24.

Analysts Set New Price Targets

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

TeraWulf Stock Performance

The stock has a market cap of $1.67 billion, a price-to-earnings ratio of -13.18 and a beta of 3.09. The firm's 50-day simple moving average is $3.16 and its two-hundred day simple moving average is $4.53.

TeraWulf (NASDAQ:WULF - Get Free Report) last issued 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). TeraWulf had a negative net margin of 41.88% and a negative return on equity of 15.91%. The company had revenue of $34.41 million during the quarter, compared to analyst estimates of $45.72 million. TeraWulf's quarterly revenue was down 18.9% compared to the same quarter last year. Equities research analysts expect that TeraWulf Inc. will post -0.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TeraWulf

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hodges Capital Management Inc. lifted its stake in shares of TeraWulf by 17,747.4% during the first quarter. Hodges Capital Management Inc. now owns 3,569,479 shares of the company's stock valued at $9,745,000 after acquiring an additional 3,549,479 shares during the period. Rhumbline Advisers raised its holdings in TeraWulf by 5.5% during the 1st quarter. Rhumbline Advisers now owns 366,217 shares of the company's stock worth $1,000,000 after purchasing an additional 19,216 shares during the last quarter. Arete Wealth Advisors LLC acquired a new position in TeraWulf during the 1st quarter valued at about $33,000. First Dallas Securities Inc. bought a new position in shares of TeraWulf in the 1st quarter valued at about $160,000. Finally, Two Seas Capital LP acquired a new stake in shares of TeraWulf during the 1st quarter worth approximately $585,000. 62.49% of the stock is owned by institutional investors and hedge funds.

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.