TeraWulf (NASDAQ:WULF) Shares Gap Up – Here’s Why

TeraWulf Inc. (NASDAQ:WULF) shares gapped up before the market opened on Monday . The stock had previously closed at $3.20, but opened at $3.35. TeraWulf shares last traded at $3.38, with a volume of 6,148,247 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on WULF shares. Keefe, Bruyette & Woods started coverage on shares of TeraWulf in a research note on Wednesday, January 8th. They set a “market perform” rating on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $10.00 target price on shares of TeraWulf in a research note on Monday, March 3rd. B. Riley upped their target price on shares of TeraWulf from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Atb Cap Markets raised shares of TeraWulf to a “strong-buy” rating in a research note on Sunday, January 5th. Finally, Northland Securities reaffirmed an “outperform” rating and set a $10.00 target price on shares of TeraWulf in a research note on Tuesday, December 24th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $9.50.

TeraWulf Stock Performance

The stock’s 50-day simple moving average is $4.51 and its 200 day simple moving average is $5.48. The company has a market capitalization of $1.31 billion, a PE ratio of -17.14 and a beta of 2.70.

TeraWulf (NASDAQ:WULF) last announced its quarterly earnings results on Friday, February 28th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $37.43 million. The company’s quarterly revenue was up 50.2% on a year-over-year basis. On average, analysts expect that TeraWulf Inc. will post -0.17 earnings per share for the current year.

Institutional Investors Weigh In On TeraWulf

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP raised its stake in TeraWulf by 1,760.0% during the 4th quarter. Wellington Management Group LLP now owns 1,178,593 shares of the company’s stock worth $6,671,000 after acquiring an additional 1,115,228 shares in the last quarter. California State Teachers Retirement System raised its stake in TeraWulf by 13.3% during the 4th quarter. California State Teachers Retirement System now owns 266,955 shares of the company’s stock worth $1,511,000 after acquiring an additional 31,236 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in TeraWulf by 3.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 682,348 shares of the company’s stock worth $3,862,000 after acquiring an additional 25,828 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in TeraWulf during the 4th quarter worth $7,591,000. Finally, Forum Financial Management LP acquired a new stake in TeraWulf during the 4th quarter worth $68,000. 62.49% of the stock is currently owned by institutional investors and hedge funds.

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.