TeraWulf (NASDAQ:WULF) Raised to Strong-Buy at Citigroup

TeraWulf (NASDAQ:WULF) was upgraded by analysts at Citigroup to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

A number of other research analysts have also recently weighed in on the stock. Morgan Stanley set a $66.50 price objective on shares of TeraWulf in a report on Wednesday, June 3rd. B. Riley Financial increased their target price on shares of TeraWulf from $27.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Keefe, Bruyette & Woods raised their price target on shares of TeraWulf from $25.00 to $33.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Jefferies Financial Group started coverage on TeraWulf in a research note on Thursday, May 14th. They issued a “buy” rating and a $28.00 price objective on the stock. Finally, Cantor Fitzgerald increased their price target on TeraWulf from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, TeraWulf currently has a consensus rating of “Buy” and a consensus price target of $32.10.

TeraWulf Stock Performance

Shares of TeraWulf stock opened at $24.70 on Monday. The business has a 50-day moving average of $24.33 and a 200 day moving average of $18.18. TeraWulf has a 12 month low of $4.24 and a 12 month high of $29.84. The stock has a market capitalization of $12.24 billion, a price-to-earnings ratio of -9.96 and a beta of 3.82. The company has a debt-to-equity ratio of 33.00, a current ratio of 1.20 and a quick ratio of 1.20.

TeraWulf (NASDAQ:WULF) last released its earnings results on Friday, May 8th. The company reported ($1.01) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.82). The firm had revenue of $34.01 million during the quarter, compared to analyst estimates of $34.69 million. TeraWulf had a negative net margin of 611.46% and a negative return on equity of 305.07%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.16) earnings per share. As a group, sell-side analysts forecast that TeraWulf will post -0.96 earnings per share for the current year.

Insider Transactions at TeraWulf

In other news, CEO Paul B. Prager sold 166,650 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $24.43, for a total transaction of $4,071,259.50. Following the completion of the transaction, the chief executive officer directly owned 4,249,202 shares of the company’s stock, valued at approximately $103,808,004.86. This represents a 3.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 383,350 shares of company stock worth $8,564,364. 15.90% of the stock is owned by insiders.

Hedge Funds Weigh In On TeraWulf

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WULF. Advisory Services Network LLC acquired a new stake in TeraWulf during the third quarter worth approximately $29,000. First United Bank & Trust purchased a new stake in TeraWulf in the first quarter valued at $37,000. Vermillion Wealth Management Inc. lifted its position in TeraWulf by 1,191.0% in the fourth quarter. Vermillion Wealth Management Inc. now owns 2,595 shares of the company’s stock valued at $30,000 after acquiring an additional 2,394 shares during the last quarter. Solstein Capital LLC acquired a new position in TeraWulf in the fourth quarter valued at $34,000. Finally, Summit Securities Group LLC acquired a new position in TeraWulf in the first quarter valued at $48,000. 62.49% of the stock is owned by institutional investors and hedge funds.

About TeraWulf

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.