Honeycomb Asset Management LP Acquires New Holdings in TeraWulf Inc. $WULF

Honeycomb Asset Management LP bought a new position in TeraWulf Inc. (NASDAQ:WULF) in the 1st quarter, HoldingsChannel reports. The institutional investor bought 50,000 shares of the company’s stock, valued at approximately $722,000. TeraWulf accounts for about 3.7% of Honeycomb Asset Management LP’s investment portfolio, making the stock its 4th largest holding.

A number of other large investors have also recently added to or reduced their stakes in WULF. Vanguard Group Inc. boosted its holdings in shares of TeraWulf by 37.4% during the 4th quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock worth $386,558,000 after buying an additional 9,162,958 shares during the period. Engle Capital Management L.P. grew its stake in TeraWulf by 574.3% in the 1st quarter. Engle Capital Management L.P. now owns 2,950,100 shares of the company’s stock valued at $42,570,000 after buying an additional 2,512,600 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in TeraWulf by 45.1% in the 4th quarter. Oppenheimer & Co. Inc. now owns 140,101 shares of the company’s stock worth $1,610,000 after acquiring an additional 43,574 shares during the period. Pictet Asset Management Holding SA raised its holdings in TeraWulf by 178.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 151,005 shares of the company’s stock worth $1,735,000 after acquiring an additional 96,843 shares during the period. Finally, Jennison Associates LLC acquired a new position in TeraWulf during the 1st quarter worth $53,418,000. Institutional investors own 62.49% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Compass Point set a $40.00 price target on shares of TeraWulf in a report on Monday, July 6th. Roth Capital reiterated a “buy” rating and issued a $32.00 price objective on shares of TeraWulf in a research note on Friday, April 17th. Lucid Cap Mkts raised TeraWulf to a “strong-buy” rating in a research report on Wednesday, May 27th. Oppenheimer restated an “outperform” rating and set a $35.00 target price on shares of TeraWulf in a research note on Wednesday, May 27th. Finally, Bank of America started coverage on TeraWulf in a report on Monday, June 15th. They issued a “buy” rating and a $34.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, TeraWulf currently has a consensus rating of “Moderate Buy” and an average price target of $34.29.

Insider Activity at TeraWulf

In other TeraWulf news, CEO Paul B. Prager sold 137,500 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $26.60, for a total value of $3,657,500.00. Following the completion of the sale, the chief executive officer owned 3,945,052 shares in the company, valued at approximately $104,938,383.20. This trade represents a 3.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Down 0.9%

Shares of WULF opened at $17.66 on Friday. The company has a debt-to-equity ratio of 33.00, a quick ratio of 1.20 and a current ratio of 1.20. The company has a 50-day simple moving average of $23.27 and a 200-day simple moving average of $19.30. TeraWulf Inc. has a 52 week low of $4.64 and a 52 week high of $29.84. The firm has a market capitalization of $8.75 billion, a P/E ratio of -7.12 and a beta of 3.73.

TeraWulf (NASDAQ:WULF) last released its earnings results on Friday, May 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $34.01 million for the quarter, compared to analyst estimates of $34.69 million. During the same period last year, the business earned ($0.16) earnings per share. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts expect that TeraWulf Inc. will post -1.06 earnings per share 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.