TeraWulf (NASDAQ:WULF) Shares Gap Up – Time to Buy?

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up prior to trading on Monday . The stock had previously closed at $21.18, but opened at $24.15. TeraWulf shares last traded at $23.8080, with a volume of 19,253,957 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods boosted their price objective on TeraWulf from $25.00 to $33.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $27.00 price target on shares of TeraWulf in a research report on Monday, May 11th. Sanford C. Bernstein began coverage on TeraWulf in a report on Wednesday, June 3rd. They set an “outperform” rating and a $46.00 price target for the company. Bank of America started coverage on TeraWulf in a research report on Monday, June 15th. They issued a “buy” rating and a $34.00 price objective for the company. Finally, Cantor Fitzgerald raised their price objective on shares of TeraWulf from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $32.10.

TeraWulf Trading Up 13.9%

The company has a debt-to-equity ratio of 33.00, a current ratio of 1.20 and a quick ratio of 1.20. The company’s 50 day moving average is $24.43 and its two-hundred day moving average is $18.35. The firm has a market cap of $11.96 billion, a P/E ratio of -9.76 and a beta of 3.73.

TeraWulf (NASDAQ:WULF) last released its earnings results on Friday, May 8th. The company reported ($1.01) earnings per share 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 firm had revenue of $34.01 million for the quarter, compared to analyst estimates of $34.69 million. During the same period last year, the business earned ($0.16) earnings per share. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts predict that TeraWulf Inc. will post -0.96 earnings per share for the current year.

Insider Transactions at TeraWulf

In other TeraWulf news, CEO Paul B. Prager sold 166,650 shares of TeraWulf stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $24.43, for a total value of $4,071,259.50. Following the completion of the transaction, the chief executive officer owned 4,249,202 shares in the company, valued at approximately $103,808,004.86. The trade was a 3.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 520,850 shares of company stock worth $12,221,864. Company insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On TeraWulf

Several hedge funds and other institutional investors have recently made changes to their positions in WULF. Comerica Bank increased its position in 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 purchasing an additional 12,370 shares during the period. Millennium Management LLC boosted its stake in shares of TeraWulf by 47.8% in the 1st quarter. Millennium Management LLC now owns 2,456,045 shares of the company’s stock valued at $6,705,000 after purchasing an additional 793,832 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of TeraWulf by 5.8% in 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 grew its position in shares of TeraWulf by 232.2% during the 2nd quarter. Creative Planning now owns 47,665 shares of the company’s stock worth $209,000 after buying an additional 33,317 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of TeraWulf by 10.6% during the 2nd quarter. Franklin Resources Inc. now owns 56,684 shares of the company’s stock worth $248,000 after buying an additional 5,432 shares during the period. 62.49% of the stock is owned by institutional investors and hedge funds.

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.