TeraWulf (NASDAQ:WULF) Shares Gap Up to $3.94

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up before the market opened on Tuesday . The stock had previously closed at $3.94, but opened at $4.05. TeraWulf shares last traded at $4.08, with a volume of 1,242,330 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have commented on WULF. Needham & Company LLC started coverage on shares of TeraWulf in a research report on Wednesday, September 4th. They issued a “buy” rating and a $6.00 price target on the stock. Roth Capital upgraded TeraWulf to a “strong-buy” rating in a research report on Tuesday, July 2nd. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of TeraWulf in a report on Tuesday, September 3rd. Rosenblatt Securities upped their price target on shares of TeraWulf from $4.20 to $5.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, B. Riley reaffirmed a “buy” rating and set a $6.00 price objective on shares of TeraWulf in a research note on Monday, August 26th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $5.71.

TeraWulf Stock Performance

The stock’s 50 day moving average price is $4.43 and its 200 day moving average price is $3.33.

TeraWulf (NASDAQ:WULF) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter. TeraWulf had a negative net margin of 41.67% and a negative return on equity of 19.77%. The company had revenue of $35.57 million during the quarter, compared to the consensus estimate of $35.73 million. Research analysts anticipate that TeraWulf Inc. will post -0.11 earnings per share for the current year.

Institutional Investors Weigh In On TeraWulf

A number of institutional investors have recently modified their holdings of WULF. Algert Global LLC bought a new position in shares of TeraWulf in the second quarter worth $102,000. Driehaus Capital Management LLC bought a new position in TeraWulf in the 2nd quarter valued at approximately $9,948,000. Scientech Research LLC acquired a new position in TeraWulf in the 2nd quarter worth about $1,040,000. The Manufacturers Life Insurance Company increased its stake in shares of TeraWulf by 60.9% in the second quarter. The Manufacturers Life Insurance Company now owns 87,319 shares of the company’s stock valued at $389,000 after buying an additional 33,058 shares during the period. Finally, Duquesne Family Office LLC acquired a new stake in TeraWulf during the 2nd quarter worth approximately $9,301,000. Institutional investors own 62.49% of the company’s stock.

TeraWulf Company Profile

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.