TeraWulf (NASDAQ:WULF) Trading 12% Higher Following Insider Buying Activity

TeraWulf Inc. (NASDAQ:WULF) rose 12% on Monday following insider buying activity. The stock traded as high as $17.08 and last traded at $16.9190. Approximately 11,242,505 shares changed hands during trading, a decline of 64% from the average daily volume of 30,819,563 shares. The stock had previously closed at $15.10.

Specifically, Director Michael C. Bucella purchased 1,665 shares of the stock in a transaction on Friday, March 20th. The stock was purchased at an average price of $15.04 per share, with a total value of $25,041.60. Following the completion of the transaction, the director owned 280,052 shares in the company, valued at approximately $4,211,982.08. The trade was a 0.60% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael C. Bucella acquired 1,584 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was purchased at an average price of $16.00 per share, for a total transaction of $25,344.00. Following the completion of the acquisition, the director owned 275,136 shares in the company, valued at approximately $4,402,176. This trade represents a 0.58% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WULF. Arete Research began coverage on TeraWulf in a report on Monday. They set a “buy” rating and a $30.00 target price for the company. Cantor Fitzgerald lifted their price target on shares of TeraWulf from $18.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, February 27th. Morgan Stanley started coverage on shares of TeraWulf in a research note on Monday, February 9th. They set an “overweight” rating and a $37.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $21.00 target price on shares of TeraWulf in a research note on Tuesday, February 3rd. Finally, Keefe, Bruyette & Woods reduced their target price on shares of TeraWulf from $24.00 to $23.00 and set an “outperform” rating on the stock in a report on Wednesday, March 11th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.29.

TeraWulf Stock Performance

The company has a debt-to-equity ratio of 33.00, a quick ratio of 2.00 and a current ratio of 2.00. The company has a market capitalization of $7.10 billion, a PE ratio of -10.32 and a beta of 3.66. The company has a 50 day moving average price of $14.99 and a 200 day moving average price of $13.57.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of 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 purchasing an additional 9,162,958 shares during the last quarter. Bank of America Corp DE increased its holdings in TeraWulf by 22.2% in the second quarter. Bank of America Corp DE now owns 14,392,299 shares of the company’s stock valued at $63,038,000 after buying an additional 2,617,617 shares during the last quarter. Morgan Stanley raised its stake in TeraWulf by 8.1% during the fourth quarter. Morgan Stanley now owns 9,641,209 shares of the company’s stock valued at $110,778,000 after buying an additional 724,286 shares in the last quarter. Geode Capital Management LLC lifted its holdings in TeraWulf by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 8,377,589 shares of the company’s stock worth $96,274,000 after buying an additional 318,842 shares during the last quarter. Finally, State Street Corp lifted its holdings in TeraWulf by 4.2% during the 4th quarter. State Street Corp now owns 7,349,508 shares of the company’s stock worth $84,446,000 after buying an additional 298,645 shares during the last quarter. 62.49% of the stock is owned by institutional investors and hedge funds.

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.