TeraWulf (NASDAQ:WULF) Stock Price Down 5% - Time to Sell?

TeraWulf Inc. (NASDAQ:WULF - Get Free Report)'s share price dropped 5% on Friday . The company traded as low as $3.83 and last traded at $3.89. Approximately 16,830,910 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 30,324,410 shares. The stock had previously closed at $4.09.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on WULF shares. Citizens Jmp upgraded shares of TeraWulf to a "strong-buy" rating and set a $7.00 price objective for the company in a report on Thursday, May 22nd. Rosenblatt Securities lowered 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. JMP Securities assumed coverage on TeraWulf in a report on Thursday, May 22nd. They issued a "market outperform" rating and a $7.00 target price on the stock. Finally, Jones Trading initiated coverage on TeraWulf in a report on Monday, March 31st. They set a "buy" rating and a $4.00 price target for the company. One research 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. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $7.67.

TeraWulf Stock Down 3.8%

The firm has a market cap of $1.46 billion, a P/E ratio of -11.48 and a beta of 3.00. The firm's 50-day simple moving average is $3.03 and its 200 day simple moving average is $4.74.

TeraWulf (NASDAQ:WULF - Get Free Report) last posted its quarterly earnings data on Friday, May 9th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $34.41 million during the quarter, compared to analysts' expectations of $45.72 million. The company's revenue for the quarter was down 18.9% compared to the same quarter last year. As a group, analysts forecast that TeraWulf Inc. will post -0.17 earnings per share for the current year.

Institutional Investors Weigh In On TeraWulf

Large investors have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. purchased a new position in shares of TeraWulf in the first quarter worth about $29,000. Calamos Advisors LLC bought a new position in TeraWulf in the 1st quarter worth approximately $33,000. Arete Wealth Advisors LLC purchased a new position in TeraWulf in the 1st quarter valued at approximately $33,000. Comerica Bank raised its holdings in TeraWulf by 3,748.5% during the 1st quarter. Comerica Bank now owns 12,700 shares of the company's stock valued at $35,000 after acquiring an additional 12,370 shares during the period. Finally, Platform Technology Partners purchased a new stake in shares of TeraWulf during the first quarter worth $39,000. Hedge funds and other institutional investors own 62.49% of the company's stock.

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.