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

TeraWulf Inc. (NASDAQ:WULF) shares gapped down prior to trading on Monday . The stock had previously closed at $22.32, but opened at $21.40. TeraWulf shares last traded at $20.9140, with a volume of 14,453,190 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on WULF shares. Morgan Stanley restated an “overweight” rating and set a $41.50 price objective on shares of TeraWulf in a report on Monday, April 27th. Roth Mkm reiterated a “buy” rating and set a $32.00 target price on shares of TeraWulf in a research note on Friday, April 17th. Northland Securities set a $30.00 price target on shares of TeraWulf in a research report on Monday, May 4th. Citigroup restated an “outperform” rating on shares of TeraWulf in a research note on Thursday, May 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $27.00 price target on shares of TeraWulf in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.55.

TeraWulf Trading Down 6.9%

The company has a market cap of $10.29 billion, a P/E ratio of -8.39 and a beta of 3.84. The business has a fifty day simple moving average of $18.36 and a 200 day simple moving average of $15.56. The company has a debt-to-equity ratio of 33.00, a quick ratio of 1.20 and a current ratio of 1.20.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings results on Friday, May 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.82). The firm had revenue of $34.01 million during the quarter, compared to the consensus estimate of $34.69 million. TeraWulf had a negative net margin of 611.46% and a negative return on equity of 305.07%. TeraWulf’s revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.16) earnings per share. Analysts anticipate that TeraWulf Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Activity at TeraWulf

In related news, Director Michael C. Bucella bought 1,665 shares of the firm’s stock in a transaction on Friday, March 20th. The stock was bought at an average cost of $15.04 per share, for a total transaction of $25,041.60. Following the completion of the purchase, the director directly owned 280,052 shares in the company, valued at approximately $4,211,982.08. The trade was a 0.60% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul B. Prager sold 79,200 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $20.62, for a total value of $1,633,104.00. Following the transaction, the chief executive officer directly owned 884,320 shares of the company’s stock, valued at $18,234,678.40. This trade represents a 8.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders acquired 13,094 shares of company stock valued at $200,392 and sold 954,200 shares valued at $16,390,854. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On TeraWulf

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in TeraWulf by 37.4% in the fourth quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock valued at $386,558,000 after buying an additional 9,162,958 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of TeraWulf by 22.2% in the 2nd quarter. Bank of America Corp DE now owns 14,392,299 shares of the company’s stock worth $63,038,000 after acquiring an additional 2,617,617 shares during the period. Morgan Stanley increased its holdings in shares of TeraWulf by 8.1% in the 4th quarter. Morgan Stanley now owns 9,641,209 shares of the company’s stock worth $110,778,000 after acquiring an additional 724,286 shares during the period. Geode Capital Management LLC lifted its position in TeraWulf by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 8,377,589 shares of the company’s stock valued at $96,274,000 after purchasing an additional 318,842 shares during the last quarter. Finally, State Street Corp lifted its position in TeraWulf by 4.2% in the 4th quarter. State Street Corp now owns 7,349,508 shares of the company’s stock valued at $84,446,000 after purchasing an additional 298,645 shares during the last quarter. 62.49% of the stock is owned by institutional investors and hedge funds.

TeraWulf Company Profile

TeraWulf, Inc (NASDAQ: WULF) is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.