TeraWulf (NASDAQ:WULF) Shares Down 10.5% on Analyst Downgrade

TeraWulf Inc. (NASDAQ:WULF) fell 10.5% on Wednesday after Keefe, Bruyette & Woods lowered their price target on the stock from $33.00 to $30.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. TeraWulf traded as low as $15.36 and last traded at $15.2960. 33,388,534 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 31,556,295 shares. The stock had previously closed at $17.09.

Several other equities analysts have also recently issued reports on WULF. Roth Capital restated a “buy” rating and set a $32.00 price objective on shares of TeraWulf in a research note on Friday, April 17th. Morgan Stanley lifted their price target on shares of TeraWulf from $66.50 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 8th. Lucid Cap Mkts raised shares of TeraWulf to a “strong-buy” rating in a research report on Wednesday, May 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of TeraWulf in a research note on Wednesday, June 24th. Finally, Chardan Capital assumed coverage on TeraWulf in a research note on Monday. They issued a “buy” rating and a $32.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.29.

Insider Buying and Selling at TeraWulf

In other news, CEO Paul B. Prager sold 137,500 shares of TeraWulf stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $26.60, for a total transaction of $3,657,500.00. Following the sale, the chief executive officer owned 3,945,052 shares of the company’s stock, valued at approximately $104,938,383.20. The trade was a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB grew its stake in shares of TeraWulf by 4.5% in the second quarter. Handelsbanken Fonder AB now owns 88,200 shares of the company’s stock worth $2,179,000 after purchasing an additional 3,800 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in TeraWulf by 66.2% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 77,400 shares of the company’s stock worth $1,912,000 after purchasing an additional 30,831 shares during the period. Assenagon Asset Management S.A. acquired a new position in TeraWulf during the 2nd quarter valued at about $16,500,000. GAMMA Investing LLC raised its position in shares of TeraWulf by 25.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,387 shares of the company’s stock worth $84,000 after buying an additional 681 shares in the last quarter. Finally, CoreCap Advisors LLC increased its stake in shares of TeraWulf by 106.7% during the second quarter. CoreCap Advisors LLC now owns 1,447 shares of the company’s stock valued at $36,000 after acquiring an additional 747 shares during the period. Institutional investors and hedge funds own 62.49% of the company’s stock.

TeraWulf Stock Down 10.8%

The firm has a market cap of $7.55 billion, a price-to-earnings ratio of -6.18 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. The stock’s 50 day moving average is $23.61 and its 200 day moving average is $19.27.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings results on Friday, May 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.82). The firm had revenue of $34.01 million for 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 firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.16) earnings per share. Analysts forecast that TeraWulf Inc. will post -1.09 EPS for the current year.

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.