TeraWulf (NASDAQ:WULF) Coverage Initiated at Chardan Capital

Stock analysts at Chardan Capital initiated coverage on shares of TeraWulf (NASDAQ:WULF) in a report released on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $32.00 price target on the stock. Chardan Capital’s price objective indicates a potential upside of 87.24% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. Morgan Stanley increased their target price 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. Zacks Research downgraded shares of TeraWulf from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of TeraWulf in a report on Wednesday, June 24th. Compass Point set a $40.00 price objective on TeraWulf in a research report on Monday, July 6th. Finally, Northland Securities set a $30.00 target price on TeraWulf in a research note on Monday, May 4th. 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, TeraWulf currently has an average rating of “Moderate Buy” and a consensus target price of $34.29.

TeraWulf Trading Down 4.9%

Shares of NASDAQ WULF opened at $17.09 on Monday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 33.00. TeraWulf has a one year low of $4.64 and a one year high of $29.84. The business has a 50-day moving average price of $23.61 and a two-hundred day moving average price of $19.27. The firm has a market capitalization of $8.47 billion, a PE ratio of -6.89 and a beta of 3.73.

TeraWulf (NASDAQ:WULF) last issued 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). The business had revenue of $34.01 million during the quarter, compared to analyst estimates of $34.69 million. TeraWulf had a negative net margin of 611.46% and a negative return on equity of 305.07%. TeraWulf’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) EPS. As a group, analysts predict that TeraWulf will post -1.09 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of TeraWulf

Several large investors have recently made changes to their positions in the stock. Handelsbanken Fonder AB increased its holdings in shares of TeraWulf by 4.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 88,200 shares of the company’s stock valued at $2,179,000 after acquiring an additional 3,800 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in TeraWulf by 66.2% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 77,400 shares of the company’s stock worth $1,912,000 after purchasing an additional 30,831 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in TeraWulf in the 2nd quarter worth approximately $16,500,000. GAMMA Investing LLC boosted its position in TeraWulf by 25.2% during the second quarter. GAMMA Investing LLC now owns 3,387 shares of the company’s stock worth $84,000 after purchasing an additional 681 shares during the period. Finally, CoreCap Advisors LLC boosted its position in TeraWulf by 106.7% during the second quarter. CoreCap Advisors LLC now owns 1,447 shares of the company’s stock worth $36,000 after purchasing an additional 747 shares during the period. Institutional investors own 62.49% of the company’s stock.

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.