TeraWulf (NASDAQ:WULF) Hits New 1-Year High After Analyst Upgrade

TeraWulf Inc. (NASDAQ:WULF)’s share price reached a new 52-week high during mid-day trading on Wednesday after Needham & Company LLC raised their price target on the stock from $6.00 to $9.50. Needham & Company LLC currently has a buy rating on the stock. TeraWulf traded as high as $9.30 and last traded at $8.52, with a volume of 9348025 shares changing hands. The stock had previously closed at $8.53.

A number of other research firms also recently issued reports on WULF. Stifel Canada downgraded shares of TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, October 29th. Northland Securities boosted their price objective on shares of TeraWulf from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Wednesday. B. Riley reiterated a “buy” rating and set a $6.00 price objective on shares of TeraWulf in a research note on Monday, October 7th. Rosenblatt Securities reiterated a “buy” rating and set a $5.00 price objective on shares of TeraWulf in a research note on Tuesday, October 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of TeraWulf in a research note on Thursday, October 3rd. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $7.21.

Institutional Trading of TeraWulf

A number of large investors have recently modified their holdings of WULF. FMR LLC grew its position in TeraWulf by 22.0% in the 3rd quarter. FMR LLC now owns 7,803 shares of the company’s stock valued at $37,000 after buying an additional 1,408 shares in the last quarter. Chesapeake Capital Corp IL boosted its position in shares of TeraWulf by 6.6% during the 3rd quarter. Chesapeake Capital Corp IL now owns 27,500 shares of the company’s stock valued at $136,000 after purchasing an additional 1,700 shares in the last quarter. Amalgamated Bank boosted its position in shares of TeraWulf by 57.7% during the 2nd quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock valued at $35,000 after purchasing an additional 2,912 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of TeraWulf by 13.3% during the 3rd quarter. Victory Capital Management Inc. now owns 34,866 shares of the company’s stock valued at $163,000 after purchasing an additional 4,093 shares in the last quarter. Finally, Aspect Partners LLC bought a new position in shares of TeraWulf during the 3rd quarter valued at about $26,000. Institutional investors and hedge funds own 62.49% of the company’s stock.

TeraWulf Stock Performance

The company’s 50-day moving average price is $5.30 and its two-hundred day moving average price is $4.31.

TeraWulf (NASDAQ:WULF) last released its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter. The firm had revenue of $35.57 million during the quarter, compared to analysts’ expectations of $35.73 million. TeraWulf had a negative return on equity of 17.02% and a negative net margin of 41.88%. On average, sell-side analysts expect that TeraWulf Inc. will post -0.1 earnings per share for the current year.

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.