TeraWulf (NASDAQ:WULF) Shares Gap Down – Here’s Why

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped down before the market opened on Monday . The stock had previously closed at $22.32, but opened at $21.40. TeraWulf shares last traded at $20.9140, with a volume of 14,453,190 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on WULF. Arete Research assumed coverage on TeraWulf in a research note on Monday, March 23rd. They set a “buy” rating and a $30.00 price target on the stock. Roth Mkm reissued a “buy” rating and issued a $32.00 price target on shares of TeraWulf in a research report on Friday, April 17th. Rosenblatt Securities reaffirmed a “buy” rating and set a $27.00 price objective on shares of TeraWulf in a research note on Monday, May 11th. Morgan Stanley upped their target price on shares of TeraWulf to $42.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Jefferies Financial Group assumed coverage on shares of TeraWulf in a research report on Thursday, May 14th. They set a “buy” rating and a $28.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.59.

TeraWulf Price Performance

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 has a market capitalization of $10.89 billion, a P/E ratio of -8.74 and a beta of 3.84. The firm has a 50-day moving average price of $18.63 and a 200 day moving average price of $15.65.

TeraWulf (NASDAQ:WULF) last announced its quarterly earnings results on Friday, May 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $34.01 million during the quarter, compared to analysts’ expectations of $34.69 million. During the same period in the previous year, the business earned ($0.16) EPS. The business’s revenue was down 1.1% compared to the same quarter last year. On average, analysts expect that TeraWulf Inc. will post -0.54 EPS for the current year.

Insider Activity at TeraWulf

In other TeraWulf news, CEO Paul B. Prager sold 79,200 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $20.62, for a total value of $1,633,104.00. Following the transaction, the chief executive officer directly owned 884,320 shares in the company, valued at approximately $18,234,678.40. This trade represents a 8.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael C. Bucella purchased 1,665 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were acquired at an average price of $15.04 per share, for a total transaction of $25,041.60. Following the purchase, the director directly owned 280,052 shares in the company, valued at approximately $4,211,982.08. The trade was a 0.60% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders bought 13,094 shares of company stock worth $200,392 and sold 954,200 shares worth $16,390,854. 15.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On TeraWulf

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Comerica Bank raised 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 buying an additional 12,370 shares during the period. Millennium Management LLC increased its stake in shares of TeraWulf by 47.8% in the first quarter. Millennium Management LLC now owns 2,456,045 shares of the company’s stock worth $6,705,000 after purchasing an additional 793,832 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in TeraWulf by 5.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 41,375 shares of the company’s stock worth $181,000 after buying an additional 2,258 shares in the last quarter. Creative Planning boosted its holdings in shares of 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 shares of TeraWulf by 10.6% during 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 last quarter. 62.49% of the stock is currently owned by hedge funds and other institutional investors.

TeraWulf Company 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.