Readystate Asset Management LP Acquires Shares of 308,464 TeraWulf Inc. $WULF

Readystate Asset Management LP bought a new position in shares of TeraWulf Inc. (NASDAQ:WULF) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 308,464 shares of the company’s stock, valued at approximately $4,451,000. Readystate Asset Management LP owned about 0.06% of TeraWulf at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of 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 acquiring an additional 9,162,958 shares in the last quarter. Voloridge Investment Management LLC bought a new position in TeraWulf during the 3rd quarter worth about $69,006,000. Wellington Management Group LLP increased its position in TeraWulf by 36,193.2% during the 3rd quarter. Wellington Management Group LLP now owns 3,901,878 shares of the company’s stock valued at $44,559,000 after purchasing an additional 3,891,127 shares during the period. Jennison Associates LLC bought a new stake in shares of TeraWulf in the 1st quarter valued at about $53,418,000. Finally, Marshall Wace LLP lifted its position in shares of TeraWulf by 574.2% in the 4th quarter. Marshall Wace LLP now owns 3,186,200 shares of the company’s stock worth $36,609,000 after purchasing an additional 2,713,587 shares during the period. 62.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at TeraWulf

In other news, CEO Paul B. Prager sold 166,650 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $24.43, for a total value of $4,071,259.50. Following the completion of the transaction, the chief executive officer directly owned 4,249,202 shares in the company, valued at $103,808,004.86. This trade represents a 3.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 15.90% of the company’s stock.

TeraWulf Stock Performance

Shares of TeraWulf stock opened at $17.09 on Wednesday. The company has a 50 day moving average price of $23.61 and a 200 day moving average price of $19.27. The firm has a market capitalization of $8.47 billion, a P/E ratio of -6.89 and a beta of 3.73. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 33.00. TeraWulf Inc. has a 52 week low of $4.64 and a 52 week high of $29.84.

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). TeraWulf had a negative return on equity of 305.07% and a negative net margin of 611.46%.The company had revenue of $34.01 million for the quarter, compared to analysts’ expectations of $34.69 million. During the same period in the prior year, the firm posted ($0.16) EPS. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. Sell-side analysts expect that TeraWulf Inc. will post -1.09 EPS for the current year.

Analysts Set New Price Targets

WULF has been the topic of several research reports. Sanford C. Bernstein assumed coverage on shares of TeraWulf in a report on Wednesday, June 3rd. They set an “outperform” rating and a $46.00 price objective on the stock. Bank of America began coverage on TeraWulf in a research report on Monday, June 15th. They set a “buy” rating and a $34.00 target price on the stock. Oppenheimer reiterated an “outperform” rating and issued a $35.00 price target on shares of TeraWulf in a report on Wednesday, May 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of TeraWulf in a research report on Wednesday, June 24th. Finally, Needham & Company LLC upped their price objective on TeraWulf from $28.00 to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.29.

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.