TeraWulf (NASDAQ:WULF) Upgraded to Strong-Buy at TD Cowen

TD Cowen upgraded shares of TeraWulf (NASDAQ:WULF) to a strong-buy rating in a report published on Monday morning,Zacks reports.

A number of other brokerages have also weighed in on WULF. Bank of America assumed coverage on TeraWulf in a research report on Monday, June 15th. They set a “buy” rating and a $34.00 target price on the stock. William Blair initiated coverage on shares of TeraWulf in a research report on Friday, August 28th. They issued an “outperform” rating for the company. Keefe, Bruyette & Woods decreased their price target on shares of TeraWulf from $33.00 to $30.00 and set an “outperform” rating for the company in a research note on Tuesday, July 28th. Weiss Ratings downgraded shares of TeraWulf from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Finally, Freedom Capital upgraded shares of TeraWulf to a “strong-buy” rating in a report on Tuesday, September 8th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, TeraWulf currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.86.

TeraWulf Stock Down 1.2%

Shares of TeraWulf stock opened at $13.21 on Monday. TeraWulf has a one year low of $10.47 and a one year high of $29.84. The company has a debt-to-equity ratio of 27.25, a current ratio of 0.75 and a quick ratio of 0.75. The stock’s 50-day moving average is $15.89 and its 200 day moving average is $19.67. The firm has a market cap of $6.59 billion, a price-to-earnings ratio of -3.02 and a beta of 3.80.

TeraWulf (NASDAQ:WULF) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($1.70). TeraWulf had a negative return on equity of 458.62% and a negative net margin of 1,179.94%. The company had revenue of $44.77 million during the quarter, compared to analyst estimates of $46.00 million. During the same quarter in the previous year, the business posted ($0.05) earnings per share. The company’s revenue for the quarter was down 6.0% compared to the same quarter last year. Equities research analysts anticipate that TeraWulf will post -1.00 EPS for the current year.

Insiders Place Their Bets

In other news, Director Walter Carter sold 130,626 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $15.14, for a total value of $1,977,677.64. Following the completion of the sale, the director directly owned 229,090 shares of the company’s stock, valued at $3,468,422.60. This represents a 36.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Paul Prager sold 137,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $17.06, for a total value of $2,345,750.00. Following the completion of the transaction, the chief executive officer owned 3,807,552 shares in the company, valued at $64,956,837.12. This represents a 3.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders purchased 11,968 shares of company stock valued at $189,962. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On TeraWulf

A number of hedge funds and other institutional investors have recently made changes to their positions in WULF. BlackRock Inc. purchased a new stake in TeraWulf in the second quarter worth $577,805,000. Bank of America Corp DE bought a new position in shares of TeraWulf during the 2nd quarter worth $140,057,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of TeraWulf during the 2nd quarter worth $61,962,000. Jennison Associates LLC purchased a new stake in TeraWulf in the 1st quarter worth about $53,418,000. Finally, Engle Capital Management L.P. increased its holdings in TeraWulf by 574.3% in the 1st quarter. Engle Capital Management L.P. now owns 2,950,100 shares of the company’s stock worth $42,570,000 after acquiring an additional 2,512,600 shares during the last quarter. 62.49% of the stock is owned by hedge funds and other institutional investors.

TeraWulf Company Profile

TeraWulf, Inc is a digital infrastructure company that develops and operates energy-intensive computing facilities in the United States. The company has primarily focused on bitcoin mining, using specialized application-specific integrated circuit (ASIC) hardware and power infrastructure to support cryptocurrency production.

TeraWulf emphasizes the use of low-carbon energy sources, including nuclear and hydropower, as part of its strategy to reduce the environmental impact of its operations.