TeraWulf (NASDAQ:WULF) Trading 9.9% Higher – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF)’s stock price shot up 9.9% during mid-day trading on Friday . The company traded as high as $12.45 and last traded at $12.6250. 5,448,675 shares traded hands during trading, a decline of 79% from the average session volume of 25,398,084 shares. The stock had previously closed at $11.49.

Wall Street Analyst Weigh In

WULF has been the subject of a number of research reports. Compass Point set a $17.00 price objective on TeraWulf and gave the company a “neutral” rating in a research note on Tuesday, October 28th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $18.00 target price on shares of TeraWulf in a report on Tuesday, December 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $21.00 price target on shares of TeraWulf in a research report on Tuesday, November 11th. Rosenblatt Securities reissued a “buy” rating and set a $24.00 price objective on shares of TeraWulf in a research report on Tuesday, November 11th. Finally, Keefe, Bruyette & Woods upgraded shares of TeraWulf from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $9.50 to $24.00 in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, TeraWulf currently has a consensus rating of “Moderate Buy” and an average price target of $19.15.

TeraWulf Trading Up 9.3%

The company has a fifty day moving average of $13.45 and a two-hundred day moving average of $10.03. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 4.45. The stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of -8.81 and a beta of 3.69.

TeraWulf (NASDAQ:WULF) last announced its quarterly earnings data on Monday, November 10th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($1.09). TeraWulf had a negative net margin of 336.53% and a negative return on equity of 69.75%. The firm had revenue of $50.58 million during the quarter, compared to analyst estimates of $56.27 million. TeraWulf’s quarterly revenue was up 86.9% on a year-over-year basis. On average, research analysts expect that TeraWulf Inc. will post -0.17 EPS for the current year.

Insider Transactions at TeraWulf

In other news, Director Michael C. Bucella acquired 4,178 shares of TeraWulf stock in a transaction that occurred on Thursday, November 13th. The stock was purchased at an average price of $12.01 per share, for a total transaction of $50,177.78. Following the completion of the transaction, the director directly owned 266,958 shares in the company, valued at approximately $3,206,165.58. This trade represents a 1.59% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 19.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TeraWulf

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Comerica Bank raised its stake in shares of TeraWulf by 3,748.5% during the 1st quarter. Comerica Bank now owns 12,700 shares of the company’s stock worth $35,000 after buying an additional 12,370 shares in the last quarter. OLD Mission Capital LLC grew its holdings in TeraWulf by 42.5% during the first quarter. OLD Mission Capital LLC now owns 28,587 shares of the company’s stock worth $78,000 after acquiring an additional 8,529 shares during the period. Cubist Systematic Strategies LLC acquired a new position in TeraWulf during the first quarter worth $2,181,000. Corigliano Investment Advisers LLC purchased a new position in TeraWulf in the first quarter worth $191,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in TeraWulf in the first quarter valued at $29,000. Institutional investors and hedge funds own 62.49% of the company’s stock.

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.