TeraWulf (NASDAQ:WULF) Shares Gap Down to $3.79

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped down before the market opened on Monday . The stock had previously closed at $3.79, but opened at $3.70. TeraWulf shares last traded at $3.55, with a volume of 1,077,064 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on WULF. Cantor Fitzgerald raised their price objective on shares of TeraWulf from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, July 5th. Roth Mkm restated a “buy” rating and set a $6.50 price objective on shares of TeraWulf in a research report on Monday, July 8th. Rosenblatt Securities raised their price objective on shares of TeraWulf from $4.20 to $5.00 and gave the company a “buy” rating in a research report on Wednesday. B. Riley raised their price objective on shares of TeraWulf from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Roth Capital raised shares of TeraWulf to a “strong-buy” rating in a research note on Tuesday, July 2nd. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $5.67.

TeraWulf Stock Performance

The company’s 50 day moving average is $4.47 and its two-hundred day moving average is $2.97.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter. TeraWulf had a negative return on equity of 30.00% and a negative net margin of 56.70%. The business had revenue of $35.57 million during the quarter, compared to analysts’ expectations of $35.73 million. As a group, equities analysts predict that TeraWulf Inc. will post -0.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other TeraWulf news, Treasurer Kenneth J. Deane sold 69,996 shares of TeraWulf stock in a transaction on Friday, June 7th. The shares were sold at an average price of $3.25, for a total value of $227,487.00. Following the completion of the transaction, the treasurer now directly owns 337,245 shares of the company’s stock, valued at approximately $1,096,046.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 24.88% of the company’s stock.

Hedge Funds Weigh In On TeraWulf

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Amalgamated Bank lifted its holdings in shares of TeraWulf by 57.7% in the 2nd quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock worth $35,000 after acquiring an additional 2,912 shares during the last quarter. ARS Investment Partners LLC bought a new stake in shares of TeraWulf in the 2nd quarter worth about $44,000. Pekin Hardy Strauss Inc. bought a new stake in shares of TeraWulf in the 2nd quarter worth about $44,000. Miracle Mile Advisors LLC bought a new stake in shares of TeraWulf in the 1st quarter worth about $29,000. Finally, Apollon Wealth Management LLC bought a new stake in shares of TeraWulf in the 4th quarter worth about $27,000. 62.49% of the stock is owned by hedge funds and other institutional investors.

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.