TeraWulf (NASDAQ:WULF) Shares Gap Down to $4.24

TeraWulf Inc. (NASDAQ:WULF)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $4.24, but opened at $4.11. TeraWulf shares last traded at $4.09, with a volume of 3,010,328 shares.

Analyst Upgrades and Downgrades

WULF has been the subject of a number of research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of TeraWulf in a report on Tuesday, September 3rd. Roth Mkm reissued a “buy” rating and issued a $6.50 price objective on shares of TeraWulf in a research note on Monday, July 8th. Roth Capital raised TeraWulf to a “strong-buy” rating in a research note on Tuesday, July 2nd. Rosenblatt Securities upped their target price on TeraWulf from $4.20 to $5.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, B. Riley restated a “buy” rating and set a $6.00 price target on shares of TeraWulf in a report on Monday, August 26th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $5.71.

TeraWulf Price Performance

The stock’s 50 day simple moving average is $4.52 and its 200-day simple moving average is $3.28.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter. The business had revenue of $35.57 million during the quarter, compared to analyst estimates of $35.73 million. TeraWulf had a negative net margin of 41.67% and a negative return on equity of 19.77%. Equities research analysts predict that TeraWulf Inc. will post -0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On TeraWulf

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its stake in shares of TeraWulf by 57.7% in the second quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock worth $35,000 after buying an additional 2,912 shares during the last quarter. ARS Investment Partners LLC acquired a new stake in shares of TeraWulf in the second quarter valued at about $44,000. Pekin Hardy Strauss Inc. bought a new position in shares of TeraWulf in the second quarter worth about $44,000. Miracle Mile Advisors LLC bought a new position in TeraWulf in the 1st quarter worth approximately $29,000. Finally, Apollon Wealth Management LLC bought a new position in shares of TeraWulf during the 4th quarter worth about $27,000. Institutional investors and hedge funds own 62.49% of the company’s stock.

About TeraWulf

TeraWulf Inc, together with its subsidiaries, operates as a digital asset technology company in the United States. The company develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It is also involved in the provision of miner hosting services to third-party entities. The company was founded in 2021 and is headquartered in Easton, Maryland.