TeraWulf (NASDAQ:WULF) Trading Down 6.4% – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF)’s stock price was down 6.4% during trading on Wednesday . The company traded as low as $23.09 and last traded at $23.1250. Approximately 4,343,002 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 30,404,049 shares. The stock had previously closed at $24.70.

Wall Street Analyst Weigh In

WULF has been the subject of several recent research reports. Oppenheimer reissued an “outperform” rating and issued a $35.00 target price on shares of TeraWulf in a research report on Wednesday, May 27th. Roth Mkm reaffirmed a “buy” rating and issued a $32.00 price objective on shares of TeraWulf in a research note on Friday, April 17th. Arete Research initiated coverage on shares of TeraWulf in a report on Monday, March 23rd. They issued a “buy” rating and a $30.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of TeraWulf in a research report on Wednesday, June 24th. Finally, Keefe, Bruyette & Woods raised their target price on TeraWulf from $25.00 to $33.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.10.

TeraWulf Stock Down 4.3%

The firm has a market capitalization of $11.71 billion, a price-to-earnings ratio of -9.50 and a beta of 3.82. The company has a debt-to-equity ratio of 33.00, a quick ratio of 1.20 and a current ratio of 1.20. The business’s 50 day moving average is $24.33 and its 200-day moving average is $18.18.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings results on Friday, May 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.82). The firm had revenue of $34.01 million for the quarter, compared to the consensus estimate of $34.69 million. TeraWulf had a negative net margin of 611.46% and a negative return on equity of 305.07%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.16) earnings per share. Equities analysts anticipate that TeraWulf Inc. will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling at TeraWulf

In related news, CEO Paul B. Prager sold 166,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $24.43, for a total transaction of $4,071,259.50. Following the completion of the sale, the chief executive officer owned 4,249,202 shares in the company, valued at $103,808,004.86. This represents a 3.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 383,350 shares of company stock worth $8,564,364. 15.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Comerica Bank grew its stake in shares of TeraWulf by 3,748.5% in the first quarter. Comerica Bank now owns 12,700 shares of the company’s stock worth $35,000 after acquiring an additional 12,370 shares during the last quarter. Millennium Management LLC increased its position in TeraWulf by 47.8% during the first quarter. Millennium Management LLC now owns 2,456,045 shares of the company’s stock worth $6,705,000 after acquiring an additional 793,832 shares during the period. Envestnet Asset Management Inc. raised its stake in TeraWulf by 5.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 41,375 shares of the company’s stock valued at $181,000 after purchasing an additional 2,258 shares during the last quarter. Creative Planning raised its stake in TeraWulf by 232.2% during the 2nd quarter. Creative Planning now owns 47,665 shares of the company’s stock valued at $209,000 after purchasing an additional 33,317 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in TeraWulf by 10.6% in the 2nd quarter. Franklin Resources Inc. now owns 56,684 shares of the company’s stock valued at $248,000 after purchasing an additional 5,432 shares during the period. 62.49% of the stock is currently owned by institutional investors and hedge funds.

About TeraWulf

TeraWulf, Inc (NASDAQ: WULF) is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.