TeraWulf (NASDAQ:WULF) Trading Up 7.6% - Here's Why

TeraWulf Inc. (NASDAQ:WULF - Get Free Report)'s share price shot up 7.6% on Wednesday . The company traded as high as $5.27 and last traded at $5.24. 9,360,055 shares were traded during trading, a decline of 72% from the average session volume of 33,717,429 shares. The stock had previously closed at $4.87.

Analyst Ratings Changes

A number of brokerages have weighed in on WULF. Jones Trading began coverage on TeraWulf in a research note on Monday, March 31st. They set a "buy" rating and a $4.00 price target on the stock. Rosenblatt Securities increased their price target on TeraWulf from $4.50 to $6.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Citizens Jmp upgraded TeraWulf to a "strong-buy" rating and set a $7.00 price target for the company in a report on Thursday, May 22nd. Finally, JMP Securities initiated coverage on TeraWulf in a report on Thursday, May 22nd. They issued a "market outperform" rating and a $7.00 price target for the company. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $8.06.

TeraWulf Stock Up 7.8%

The firm has a 50 day moving average price of $4.17 and a two-hundred day moving average price of $4.05. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 3.03. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of -15.91 and a beta of 3.11.

TeraWulf (NASDAQ:WULF - Get Free Report) last announced its earnings results on Friday, May 9th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.09). The business had revenue of $34.41 million for 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 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.

Institutional Trading of TeraWulf

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of TeraWulf by 2.3% during the first quarter. Vanguard Group Inc. now owns 23,880,134 shares of the company's stock valued at $65,193,000 after acquiring an additional 534,315 shares in the last quarter. Driehaus Capital Management LLC grew its stake in TeraWulf by 3.4% in the fourth quarter. Driehaus Capital Management LLC now owns 12,733,291 shares of the company's stock worth $72,070,000 after purchasing an additional 412,877 shares in the last quarter. Geode Capital Management LLC grew its stake in TeraWulf by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 7,636,552 shares of the company's stock worth $43,232,000 after purchasing an additional 453,429 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in TeraWulf by 21.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,369,381 shares of the company's stock worth $30,387,000 after purchasing an additional 955,795 shares in the last quarter. Finally, Senator Investment Group LP acquired a new position in TeraWulf in the fourth quarter worth about $24,371,000. 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.