TeraWulf (NASDAQ:WULF) Stock Price Down 5.3% – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF)’s share price dropped 5.3% during mid-day trading on Tuesday . The stock traded as low as $3.28 and last traded at $3.29. 5,143,647 shares were traded during trading, a decline of 81% from the average session volume of 26,492,325 shares. The stock had previously closed at $3.47.

Analyst Ratings Changes

A number of research firms have weighed in on WULF. Keefe, Bruyette & Woods initiated coverage on shares of TeraWulf in a research report on Wednesday, January 8th. They issued a “market perform” rating for the company. B. Riley increased their price target on TeraWulf from $8.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Rosenblatt Securities restated a “buy” rating and set a $10.00 price objective on shares of TeraWulf in a report on Monday, March 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $9.50 target price on shares of TeraWulf in a research report on Monday, January 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price target on shares of TeraWulf in a research report on Monday, January 6th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $9.50.

TeraWulf Stock Performance

The firm has a market capitalization of $1.27 billion, a P/E ratio of -16.58 and a beta of 2.70. The stock has a fifty day moving average price of $4.47 and a two-hundred day moving average price of $5.47.

TeraWulf (NASDAQ:WULF) last released its earnings results on Friday, February 28th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.04). TeraWulf had a negative net margin of 41.88% and a negative return on equity of 15.91%. The business had revenue of $35.00 million for the quarter, compared to the consensus estimate of $37.43 million. The company’s revenue for the quarter was up 50.2% compared to the same quarter last year. As a group, research analysts anticipate that TeraWulf Inc. will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TeraWulf

A number of large investors have recently bought and sold shares of WULF. Driehaus Capital Management LLC raised its position in shares of TeraWulf by 3.4% during the 4th quarter. Driehaus Capital Management LLC now owns 12,733,291 shares of the company’s stock worth $72,070,000 after purchasing an additional 412,877 shares during the period. Geode Capital Management LLC increased its position in TeraWulf by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 7,636,552 shares of the company’s stock worth $43,232,000 after buying an additional 453,429 shares during the period. State Street Corp lifted its stake in TeraWulf by 3.8% in the third quarter. State Street Corp now owns 6,283,196 shares of the company’s stock valued at $29,405,000 after buying an additional 227,186 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of TeraWulf by 21.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,369,381 shares of the company’s stock valued at $30,387,000 after acquiring an additional 955,795 shares during the period. Finally, Van ECK Associates Corp grew 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 during the last quarter. 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.