TeraWulf (NASDAQ:WULF) Stock Price Down 8.3%

TeraWulf Inc. (NASDAQ:WULF) shares traded down 8.3% during trading on Monday . The company traded as low as $3.77 and last traded at $3.89. 1,497,487 shares were traded during trading, a decline of 92% from the average session volume of 19,816,598 shares. The stock had previously closed at $4.24.

Analysts Set New Price Targets

WULF has been the topic of a number of recent analyst reports. Rosenblatt Securities lifted their price objective on shares of TeraWulf from $4.20 to $5.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Roth Capital raised shares of TeraWulf to a “strong-buy” rating in a research note on Tuesday, July 2nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of TeraWulf in a report on Tuesday, September 3rd. B. Riley reissued a “buy” rating and set a $6.00 target price on shares of TeraWulf in a report on Monday, August 26th. Finally, Needham & Company LLC assumed coverage on TeraWulf in a research note on Wednesday, September 4th. They set a “buy” rating and a $6.00 price target for the company. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $5.71.

TeraWulf Stock Performance

The business has a 50-day moving average price of $4.41 and a 200 day moving average price of $3.35.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter. The company 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%. Sell-side analysts forecast that TeraWulf Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TeraWulf

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in TeraWulf by 17.7% in the 1st quarter. Vanguard Group Inc. now owns 11,722,320 shares of the company’s stock worth $30,830,000 after purchasing an additional 1,764,115 shares during the period. SG Americas Securities LLC grew its holdings in shares of TeraWulf by 260.8% during the second quarter. SG Americas Securities LLC now owns 193,304 shares of the company’s stock valued at $860,000 after buying an additional 139,722 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of TeraWulf by 97.8% during the second quarter. Bank of New York Mellon Corp now owns 844,292 shares of the company’s stock valued at $3,757,000 after buying an additional 417,369 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in TeraWulf by 20.2% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 457,175 shares of the company’s stock worth $2,034,000 after acquiring an additional 76,714 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in TeraWulf in the 1st quarter worth about $204,000. Institutional investors and hedge funds 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.