Readystate Asset Management LP Acquires Shares of 308,464 TeraWulf Inc. $WULF

Readystate Asset Management LP acquired a new position in TeraWulf Inc. (NASDAQ:WULF) in the first quarter, HoldingsChannel.com reports. The fund acquired 308,464 shares of the company’s stock, valued at approximately $4,451,000.

Several other hedge funds have also modified their holdings of WULF. Advisory Services Network LLC acquired a new stake in shares of TeraWulf during the 3rd quarter valued at about $29,000. First United Bank & Trust acquired a new stake in TeraWulf in the first quarter valued at approximately $37,000. Vermillion Wealth Management Inc. grew its holdings in TeraWulf by 1,191.0% in the fourth quarter. Vermillion Wealth Management Inc. now owns 2,595 shares of the company’s stock valued at $30,000 after purchasing an additional 2,394 shares during the period. Solstein Capital LLC purchased a new stake in shares of TeraWulf in the fourth quarter valued at approximately $34,000. Finally, Summit Securities Group LLC purchased a new stake in shares of TeraWulf in the first quarter valued at approximately $48,000. 62.49% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Paul B. Prager sold 166,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $24.43, for a total value of $4,071,259.50. Following the completion of the sale, the chief executive officer owned 4,249,202 shares of the company’s stock, valued at $103,808,004.86. This represents a 3.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.90% of the stock is owned by insiders.

TeraWulf Stock Performance

NASDAQ WULF opened at $17.09 on Wednesday. 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 stock’s fifty day moving average is $23.61 and its two-hundred day moving average is $19.27. The firm has a market capitalization of $8.47 billion, a P/E ratio of -6.89 and a beta of 3.73. TeraWulf Inc. has a fifty-two week low of $4.64 and a fifty-two week high of $29.84.

TeraWulf (NASDAQ:WULF) last posted its quarterly earnings results on Friday, May 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.82). TeraWulf had a negative return on equity of 305.07% and a negative net margin of 611.46%.The company had revenue of $34.01 million for the quarter, compared to analysts’ expectations of $34.69 million. During the same quarter in the prior year, the firm earned ($0.16) EPS. The firm’s revenue was down 1.1% on a year-over-year basis. On average, research analysts anticipate that TeraWulf Inc. will post -1.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on WULF shares. Bank of America assumed coverage on shares of TeraWulf in a research note on Monday, June 15th. They issued a “buy” rating and a $34.00 price target on the stock. Morgan Stanley upped their price objective on shares of TeraWulf from $66.50 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TeraWulf in a report on Wednesday, June 24th. Oppenheimer reissued an “outperform” rating and set a $35.00 target price on shares of TeraWulf in a research note on Wednesday, May 27th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of TeraWulf from $33.00 to $30.00 and set an “outperform” rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, TeraWulf currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.29.

TeraWulf Profile

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.