TeraWulf (NASDAQ:WULF) Stock Price Down 6.1%

TeraWulf Inc. (NASDAQ:WULF) shares dropped 6.1% on Tuesday . The company traded as low as $4.56 and last traded at $4.59. Approximately 6,212,758 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 19,910,793 shares. The stock had previously closed at $4.89.

Analyst Ratings Changes

WULF has been the topic of several recent research reports. Roth Mkm reiterated a “buy” rating and set a $6.50 price target on shares of TeraWulf in a research note on Monday, July 8th. B. Riley reiterated a “buy” rating and set a $6.00 price target on shares of TeraWulf in a report on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of TeraWulf in a research note on Tuesday, September 3rd. Rosenblatt Securities upped their target price on shares of TeraWulf from $4.20 to $5.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Needham & Company LLC started coverage on shares of TeraWulf in a report on Wednesday, September 4th. They issued a “buy” rating and a $6.00 target price for the company. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, TeraWulf has a consensus rating of “Buy” and a consensus price target of $5.71.

TeraWulf Stock Performance

The stock has a 50 day moving average price of $4.35 and a 200 day moving average price of $3.42.

TeraWulf (NASDAQ:WULF) last announced 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 19.77% and a negative net margin of 41.67%. The company had revenue of $35.57 million during the quarter, compared to the consensus estimate of $35.73 million. On average, research analysts predict that TeraWulf Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Trading of TeraWulf

A number of large investors have recently bought and sold shares of WULF. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of TeraWulf during the 2nd quarter worth $353,000. Algert Global LLC bought a new position in TeraWulf during the second quarter worth about $102,000. Driehaus Capital Management LLC purchased a new position in shares of TeraWulf in the second quarter worth about $9,948,000. Scientech Research LLC purchased a new position in shares of TeraWulf in the second quarter worth about $1,040,000. Finally, The Manufacturers Life Insurance Company raised its position 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 purchasing an additional 33,058 shares during the period. 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.