TeraWulf (NASDAQ:WULF) Shares Gap Down – What’s Next?

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped down before the market opened on Friday . The stock had previously closed at $3.21, but opened at $3.09. TeraWulf shares last traded at $3.12, with a volume of 6,020,704 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WULF. B. Riley lifted their price target on TeraWulf from $8.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Rosenblatt Securities reiterated a “buy” rating and set a $10.00 price target on shares of TeraWulf in a report on Monday, March 3rd. Needham & Company LLC reiterated a “buy” rating and set a $9.50 price target on shares of TeraWulf in a report on Monday, January 13th. Keefe, Bruyette & Woods began coverage on TeraWulf in a report on Wednesday, January 8th. They set a “market perform” rating on the stock. Finally, Northland Securities reiterated an “outperform” rating and set a $10.00 price target on shares of TeraWulf in a report on Tuesday, December 24th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, TeraWulf currently has a consensus rating of “Buy” and an average target price of $9.50.

TeraWulf Price Performance

The business has a 50 day simple moving average of $4.51 and a 200 day simple moving average of $5.47. The stock has a market cap of $1.23 billion, a PE ratio of -16.00 and a beta of 2.70.

TeraWulf (NASDAQ:WULF) last announced its quarterly earnings results on Friday, February 28th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). TeraWulf had a negative return on equity of 15.91% and a negative net margin of 41.88%. The company had revenue of $35.00 million during the quarter, compared to analyst estimates of $37.43 million. The firm’s quarterly revenue was up 50.2% compared to the same quarter last year. As a group, sell-side analysts forecast that TeraWulf Inc. will post -0.17 earnings per share for the current fiscal year.

Institutional Trading of TeraWulf

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rosenberg Matthew Hamilton acquired a new stake in shares of TeraWulf in the fourth quarter worth about $32,000. FMR LLC lifted its position in shares of TeraWulf by 22.0% in the third quarter. FMR LLC now owns 7,803 shares of the company’s stock worth $37,000 after buying an additional 1,408 shares during the last quarter. KBC Group NV acquired a new stake in shares of TeraWulf in the third quarter worth about $39,000. CoreCap Advisors LLC lifted its position in shares of TeraWulf by 67.9% in the fourth quarter. CoreCap Advisors LLC now owns 7,554 shares of the company’s stock worth $43,000 after buying an additional 3,054 shares during the last quarter. Finally, Hodges Capital Management Inc. acquired a new stake in shares of TeraWulf in the third quarter worth about $47,000. 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.