TeraWulf (NASDAQ:WULF) Shares Up 12% After Insider Buying Activity

TeraWulf Inc. (NASDAQ:WULF)’s stock price traded up 12% during mid-day trading on Monday after an insider bought additional shares in the company. The stock traded as high as $17.08 and last traded at $16.9190. 11,242,505 shares were traded during mid-day trading, a decline of 64% from the average session volume of 30,819,563 shares. The stock had previously closed at $15.10.

Specifically, Director Michael C. Bucella acquired 1,665 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were purchased at an average cost of $15.04 per share, for a total transaction of $25,041.60. Following the completion of the purchase, the director owned 280,052 shares in the company, valued at approximately $4,211,982.08. This trade represents a 0.60% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Michael C. Bucella acquired 1,584 shares of TeraWulf stock in a transaction that occurred on Tuesday, March 17th. The stock was acquired at an average cost of $16.00 per share, with a total value of $25,344.00. Following the purchase, the director directly owned 275,136 shares of the company’s stock, valued at $4,402,176. This represents a 0.58% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Rosenblatt Securities reissued a “buy” rating and issued a $23.00 price target on shares of TeraWulf in a research report on Thursday, March 19th. Keefe, Bruyette & Woods cut their target price on TeraWulf from $24.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 11th. Needham & Company LLC restated a “buy” rating and issued a $21.00 price target on shares of TeraWulf in a report on Tuesday, February 3rd. Cantor Fitzgerald lifted their price objective on shares of TeraWulf from $18.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, February 27th. Finally, Arete Research initiated coverage on shares of TeraWulf in a research note on Monday. They set a “buy” rating and a $30.00 price objective for the company. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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 firm’s 50 day simple moving average is $15.03 and its 200 day simple moving average is $13.62. The firm has a market capitalization of $6.87 billion, a price-to-earnings ratio of -9.93 and a beta of 3.66.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Comerica Bank boosted its holdings in TeraWulf by 3,748.5% in the first quarter. Comerica Bank now owns 12,700 shares of the company’s stock valued at $35,000 after purchasing an additional 12,370 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of TeraWulf by 47.8% in the 1st quarter. Millennium Management LLC now owns 2,456,045 shares of the company’s stock valued at $6,705,000 after buying an additional 793,832 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of TeraWulf by 5.8% in the second quarter. Envestnet Asset Management Inc. now owns 41,375 shares of the company’s stock worth $181,000 after buying an additional 2,258 shares during the last quarter. Police & Firemen s Retirement System of New Jersey boosted its stake in shares of TeraWulf by 5.1% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 59,677 shares of the company’s stock worth $261,000 after buying an additional 2,905 shares during the last quarter. Finally, Creative Planning grew its holdings in TeraWulf by 232.2% during the second quarter. Creative Planning now owns 47,665 shares of the company’s stock worth $209,000 after acquiring an additional 33,317 shares during the period. 62.49% of the stock is currently 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.