Needham & Company LLC Issues Positive Forecast for TeraWulf (NASDAQ:WULF) Stock Price

TeraWulf (NASDAQ:WULF) had its price target increased by research analysts at Needham & Company LLC from $6.00 to $9.50 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 11.37% from the stock’s previous close.

WULF has been the topic of a number of other research reports. B. Riley reiterated a “buy” rating and issued a $6.00 price target on shares of TeraWulf in a research report on Monday, October 7th. Stifel Canada downgraded TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, October 29th. Northland Securities raised their price objective on shares of TeraWulf from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Wednesday. Rosenblatt Securities reissued a “buy” rating and set a $5.00 target price on shares of TeraWulf in a research note on Tuesday, October 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of TeraWulf in a report on Thursday, October 3rd. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, TeraWulf currently has an average rating of “Buy” and an average price target of $7.21.

TeraWulf Price Performance

WULF stock opened at $8.53 on Wednesday. TeraWulf has a 1-year low of $0.91 and a 1-year high of $9.11. The business’s 50 day simple moving average is $5.30 and its 200 day simple moving average is $4.31.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter. The firm had revenue of $35.57 million during the quarter, compared to analyst estimates 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, analysts anticipate that TeraWulf will post -0.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WULF. Point72 Asset Management L.P. purchased a new position in shares of TeraWulf in the 2nd quarter worth approximately $22,443,000. Hood River Capital Management LLC bought a new stake in shares of TeraWulf in the 2nd quarter worth approximately $20,532,000. Driehaus Capital Management LLC purchased a new position in TeraWulf in the second quarter valued at approximately $9,948,000. Duquesne Family Office LLC bought a new position in TeraWulf during the second quarter valued at $9,301,000. Finally, Zweig DiMenna Associates LLC bought a new stake in shares of TeraWulf in the third quarter valued at $9,489,000. 62.49% of the stock is currently 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.