TeraWulf (NASDAQ:WULF) Shares Gap Down to $4.94

TeraWulf Inc. (NASDAQ:WULF) gapped down before the market opened on Monday . The stock had previously closed at $4.94, but opened at $4.77. TeraWulf shares last traded at $4.71, with a volume of 3,098,194 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on WULF shares. B. Riley reissued a “buy” rating and issued a $6.00 target price on shares of TeraWulf in a research report on Monday, August 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of TeraWulf in a report on Tuesday, September 3rd. Roth Capital raised TeraWulf to a “strong-buy” rating in a report on Tuesday, July 2nd. Needham & Company LLC began coverage on TeraWulf in a report on Wednesday, September 4th. They issued a “buy” rating and a $6.00 price target for the company. Finally, Rosenblatt Securities raised their price objective on TeraWulf from $4.20 to $5.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $5.71.

TeraWulf Price Performance

The firm has a fifty day moving average of $4.29 and a 200-day moving average of $3.51.

TeraWulf (NASDAQ:WULF) last posted its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter. The company had revenue of $35.57 million during the quarter, compared to the consensus estimate of $35.73 million. TeraWulf had a negative net margin of 41.67% and a negative return on equity of 19.77%. On average, analysts forecast that TeraWulf Inc. will post -0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Amalgamated Bank boosted its position in shares of TeraWulf by 57.7% during the second quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock worth $35,000 after buying an additional 2,912 shares during the period. ARS Investment Partners LLC bought a new position in shares of TeraWulf in the second quarter worth $44,000. Pekin Hardy Strauss Inc. acquired a new position in shares of TeraWulf during the second quarter valued at $44,000. Miracle Mile Advisors LLC bought a new stake in shares of TeraWulf during the first quarter valued at about $29,000. Finally, Partners Capital Investment Group LLP bought a new stake in shares of TeraWulf during the fourth quarter valued at about $29,000. Institutional investors own 62.49% of the company’s stock.

About TeraWulf

TeraWulf Inc, together with its subsidiaries, operates as a digital asset technology company in the United States. The company develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It is also involved in the provision of miner hosting services to third-party entities. The company was founded in 2021 and is headquartered in Easton, Maryland.