TeraWulf (NASDAQ:WULF) Stock Price Down 9.3% on Insider Selling

TeraWulf Inc. (NASDAQ:WULF) shares were down 9.3% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $15.29 and last traded at $15.2950. Approximately 18,934,369 shares traded hands during trading, a decline of 39% from the average daily volume of 31,134,410 shares. The stock had previously closed at $16.86.

Specifically, CEO Paul B. Prager sold 137,500 shares of the stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $16.10, for a total transaction of $2,213,750.00. Following the completion of the sale, the chief executive officer directly owned 354,200 shares of the company’s stock, valued at approximately $5,702,620. This trade represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of TeraWulf in a research note on Monday, December 29th. Morgan Stanley initiated coverage on TeraWulf in a report on Monday, February 9th. They set an “overweight” rating and a $37.00 price target for the company. Arete Research began coverage on TeraWulf in a research note on Monday. They issued a “buy” rating and a $30.00 price objective for the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $23.00 target price on shares of TeraWulf in a report on Thursday, March 19th. Finally, Keefe, Bruyette & Woods lowered their price objective on TeraWulf from $24.00 to $23.00 and set an “outperform” rating on the stock in a report on Wednesday, March 11th. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.29.

TeraWulf Price Performance

The firm has a market capitalization of $6.47 billion, a PE ratio of -9.38 and a beta of 3.67. The company has a 50-day moving average price of $15.13 and a 200-day moving average price of $13.69. The company has a debt-to-equity ratio of 33.00, a current ratio of 2.00 and a quick ratio of 2.00.

Institutional Investors Weigh In On TeraWulf

A number of institutional investors have recently made changes to their positions in WULF. Vanguard Group Inc. raised its stake in TeraWulf by 37.4% during the fourth quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock worth $386,558,000 after acquiring an additional 9,162,958 shares during the period. Voloridge Investment Management LLC bought a new stake in TeraWulf in the third quarter valued at $69,006,000. Wellington Management Group LLP boosted its holdings in shares of TeraWulf by 36,193.2% during the third quarter. Wellington Management Group LLP now owns 3,901,878 shares of the company’s stock valued at $44,559,000 after acquiring an additional 3,891,127 shares during the period. Marshall Wace LLP grew its position in shares of TeraWulf by 574.2% during the fourth quarter. Marshall Wace LLP now owns 3,186,200 shares of the company’s stock worth $36,609,000 after acquiring an additional 2,713,587 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of TeraWulf by 22.2% in the 2nd quarter. Bank of America Corp DE now owns 14,392,299 shares of the company’s stock worth $63,038,000 after acquiring an additional 2,617,617 shares during the period. 62.49% of the stock is currently owned by institutional investors.

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.