TeraWulf (NASDAQ:WULF) Reaches New 1-Year High – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF) shares hit a new 52-week high on Wednesday . The stock traded as high as $7.36 and last traded at $7.29, with a volume of 6910029 shares trading hands. The stock had previously closed at $6.21.

Wall Street Analysts Forecast Growth

WULF has been the subject of several analyst reports. B. Riley restated a “buy” rating and issued a $6.00 target price on shares of TeraWulf in a report on Monday, October 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of TeraWulf in a research report on Thursday, October 3rd. Stifel Canada lowered shares of TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, October 29th. Rosenblatt Securities reissued a “buy” rating and issued a $5.00 price objective on shares of TeraWulf in a research report on Tuesday, October 8th. Finally, Needham & Company LLC started coverage on shares of TeraWulf in a research report on Wednesday, September 4th. They issued a “buy” rating and a $6.00 price objective on the stock. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, TeraWulf presently has an average rating of “Buy” and a consensus price target of $6.17.

TeraWulf Stock Performance

The company’s fifty day moving average is $4.89 and its 200-day moving average is $4.11.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter. The business had revenue of $35.57 million for the quarter, compared to analysts’ expectations of $35.73 million. TeraWulf had a negative net margin of 41.67% and a negative return on equity of 19.77%. As a group, equities analysts predict that TeraWulf Inc. will post -0.1 EPS for the current year.

Hedge Funds Weigh In On TeraWulf

Institutional investors have recently bought and sold shares of the business. Aspect Partners LLC acquired a new stake in TeraWulf in the third quarter valued at approximately $26,000. Amalgamated Bank boosted its stake in TeraWulf by 57.7% in the second quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock valued at $35,000 after acquiring an additional 2,912 shares in the last quarter. KBC Group NV acquired a new stake in TeraWulf in the third quarter valued at approximately $39,000. ARS Investment Partners LLC acquired a new stake in TeraWulf in the second quarter valued at approximately $44,000. Finally, Pekin Hardy Strauss Inc. acquired a new stake in shares of TeraWulf during the second quarter worth $44,000. 62.49% of the stock is owned by hedge funds and other institutional investors.

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.