TeraWulf (NASDAQ:WULF) Stock Price Down 8.4% – What’s Next?

TeraWulf Inc. (NASDAQ:WULF) shares dropped 8.4% on Tuesday . The stock traded as low as $3.02 and last traded at $2.99. Approximately 25,586,851 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 26,327,881 shares. The stock had previously closed at $3.26.

Analyst Upgrades and Downgrades

WULF has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $9.50 price target on shares of TeraWulf in a research note on Monday, January 13th. Keefe, Bruyette & Woods began coverage on shares of TeraWulf in a report on Wednesday, January 8th. They issued a “market perform” rating for the company. Northland Securities reissued an “outperform” rating and set a $10.00 price objective on shares of TeraWulf in a research note on Tuesday, December 24th. B. Riley raised their price objective on TeraWulf from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $10.00 price target on shares of TeraWulf in a research report on Monday, March 3rd. One analyst has rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $8.64.

TeraWulf Stock Performance

The company has a market cap of $1.14 billion, a P/E ratio of -14.88 and a beta of 2.70. The business’s fifty day moving average is $4.70 and its two-hundred day moving average is $5.51.

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

Hedge Funds Weigh In On TeraWulf

A number of hedge funds and other institutional investors have recently made changes to their positions in WULF. Senator Investment Group LP purchased a new stake in TeraWulf in the fourth quarter worth about $24,371,000. Science & Technology Partners L.P. purchased a new stake in shares of TeraWulf in the 4th quarter worth approximately $18,606,000. BIT Capital GmbH boosted its stake in shares of TeraWulf by 169.4% during the fourth quarter. BIT Capital GmbH now owns 3,975,768 shares of the company’s stock valued at $22,503,000 after purchasing an additional 2,499,865 shares in the last quarter. Van ECK Associates Corp increased its holdings in TeraWulf by 74.2% during the fourth quarter. Van ECK Associates Corp now owns 4,763,831 shares of the company’s stock valued at $26,964,000 after buying an additional 2,028,383 shares during the period. Finally, Alyeska Investment Group L.P. bought a new position in TeraWulf in the fourth quarter worth approximately $10,970,000. Institutional investors own 62.49% of the company’s stock.

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.