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

TeraWulf Inc. (NASDAQ:WULF) shares gapped up before the market opened on Thursday . The stock had previously closed at $3.91, but opened at $4.10. TeraWulf shares last traded at $4.04, with a volume of 9,067,541 shares changing hands.

Analyst Ratings Changes

WULF has been the topic of a number of recent analyst reports. Citizens Jmp upgraded TeraWulf to a “strong-buy” rating and set a $7.00 price target on the stock in a report on Thursday. Jones Trading began coverage on TeraWulf in a research report on Monday, March 31st. They set a “buy” rating and a $4.00 target price for the company. JMP Securities began coverage on shares of TeraWulf in a report on Thursday. They issued a “market outperform” rating and a $7.00 price target on the stock. Finally, Rosenblatt Securities reduced their price target on shares of TeraWulf from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, TeraWulf currently has an average rating of “Buy” and a consensus price target of $7.67.

TeraWulf Price Performance

The company has a 50 day simple moving average of $3.00 and a 200-day simple moving average of $4.82. The stock has a market capitalization of $1.51 billion, a P/E ratio of -11.91 and a beta of 3.00.

TeraWulf (NASDAQ:WULF) last announced its quarterly earnings data on Friday, May 9th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.09). TeraWulf had a negative return on equity of 15.91% and a negative net margin of 41.88%. The firm had revenue of $34.41 million during the quarter, compared to analysts’ expectations of $45.72 million. TeraWulf’s quarterly revenue was down 18.9% on a year-over-year basis. As a group, equities analysts forecast that TeraWulf Inc. will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TeraWulf

Several large investors have recently modified their holdings of the business. Senator Investment Group LP purchased a new stake in shares of TeraWulf during the 4th quarter valued at approximately $24,371,000. Science & Technology Partners L.P. bought a new stake in TeraWulf during the 4th quarter valued at $18,606,000. BIT Capital GmbH raised its holdings in TeraWulf by 169.4% during the 4th quarter. BIT Capital GmbH now owns 3,975,768 shares of the company’s stock valued at $22,503,000 after acquiring an additional 2,499,865 shares during the period. Van ECK Associates Corp lifted its position in shares of TeraWulf by 74.2% during the fourth quarter. Van ECK Associates Corp now owns 4,763,831 shares of the company’s stock worth $26,964,000 after acquiring an additional 2,028,383 shares in the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in shares of TeraWulf in the fourth quarter worth $10,970,000. Hedge funds and other 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.