TeraWulf (NASDAQ:WULF) Upgraded to “Strong-Buy” at Wells Fargo & Company

TeraWulf (NASDAQ:WULF) was upgraded by equities research analysts at Wells Fargo & Company to a “strong-buy” rating in a research note issued on Thursday, Zacks reports.

A number of other research analysts also recently issued reports on the company. Freedom Capmkts raised TeraWulf to a “strong-buy” rating in a report on Tuesday, September 8th. B. Riley Financial lifted their target price on shares of TeraWulf from $32.00 to $40.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Lucid Cap Mkts raised shares of TeraWulf to a “strong-buy” rating in a report on Wednesday, May 27th. Citigroup began coverage on shares of TeraWulf in a research report on Monday, June 29th. They set a “buy” rating and a $36.00 price target on the stock. Finally, Zacks Research upgraded shares of TeraWulf from a “strong sell” rating to a “hold” rating in a research report on Friday, August 7th. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, TeraWulf has an average rating of “Buy” and an average price target of $33.99.

TeraWulf Stock Performance

NASDAQ WULF opened at $16.47 on Thursday. The stock has a 50-day simple moving average of $17.17 and a two-hundred day simple moving average of $19.69. The firm has a market capitalization of $8.22 billion, a P/E ratio of -3.77 and a beta of 3.70. TeraWulf has a fifty-two week low of $10.43 and a fifty-two week high of $29.84. The company has a debt-to-equity ratio of 27.25, a quick ratio of 0.75 and a current ratio of 0.75.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($1.70). TeraWulf had a negative net margin of 1,179.94% and a negative return on equity of 458.62%. The company had revenue of $44.77 million during the quarter, compared to analyst estimates of $46.00 million. During the same period last year, the firm earned ($0.05) EPS. The business’s quarterly revenue was down 6.0% compared to the same quarter last year. On average, equities analysts forecast that TeraWulf will post -0.95 earnings per share for the current year.

Insider Activity

In related news, CEO Paul B. Prager sold 137,500 shares of TeraWulf stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $17.06, for a total value of $2,345,750.00. Following the sale, the chief executive officer owned 3,807,552 shares of the company’s stock, valued at approximately $64,956,837.12. This trade represents a 3.49% decrease in their position. The transaction 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. Also, Director Michael C. Bucella purchased 6,085 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was bought at an average cost of $14.79 per share, for a total transaction of $89,997.15. Following the purchase, the director directly owned 350,789 shares in the company, valued at $5,188,169.31. This trade represents a 1.77% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders acquired 11,968 shares of company stock worth $189,962 and sold 405,626 shares worth $7,980,928. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On TeraWulf

Large investors have recently added to or reduced their stakes in the stock. CoreCap Advisors LLC lifted its holdings in 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 purchasing an additional 747 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of TeraWulf during the second quarter worth about $41,000. First United Bank & Trust purchased a new stake in shares of TeraWulf during the first quarter worth about $37,000. Vermillion Wealth Management Inc. increased its stake in shares of TeraWulf by 1,191.0% during the fourth quarter. Vermillion Wealth Management Inc. now owns 2,595 shares of the company’s stock worth $30,000 after purchasing an additional 2,394 shares in the last quarter. Finally, Solstein Capital LLC acquired a new position in shares of TeraWulf during the 2nd quarter worth about $74,000. 62.49% of the stock is currently owned by institutional investors and hedge funds.

TeraWulf Company Profile

TeraWulf Inc (NASDAQ: WULF) develops and operates digital-asset mining and high-performance computing infrastructure. The company has focused primarily on bitcoin mining while expanding its data-center platform to support artificial intelligence, cloud computing and other high-density computing applications.

TeraWulf emphasizes access to low-cost, predominantly zero-carbon energy and designs, builds and operates energy-intensive data-center facilities. Its operations have included the Lake Mariner facility in New York and the Nautilus Cryptomine facility in Pennsylvania, which was developed in collaboration with Cumulus Coin.