TeraWulf (NASDAQ:WULF) Trading Down 9.3% Following Insider Selling

TeraWulf Inc. (NASDAQ:WULF) shares were down 9.3% on Thursday following insider selling activity. The stock traded as low as $15.29 and last traded at $15.2950. Approximately 18,934,369 shares changed hands during mid-day 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 company’s stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $16.10, for a total value of $2,213,750.00. Following the completion of the transaction, the chief executive officer directly owned 354,200 shares of the company’s stock, valued at $5,702,620. This represents a 27.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $21.00 target price on shares of TeraWulf in a research report on Tuesday, February 3rd. Morgan Stanley assumed coverage on shares of TeraWulf in a research note on Monday, February 9th. They issued an “overweight” rating and a $37.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TeraWulf in a research report on Monday, December 29th. Arete Research started coverage on TeraWulf in a research report on Monday. They issued a “buy” rating and a $30.00 target price for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $23.00 price target on shares of TeraWulf in a report on Thursday, March 19th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, TeraWulf presently has an average rating of “Moderate Buy” and a consensus target price of $21.29.

TeraWulf Price Performance

The company has a debt-to-equity ratio of 33.00, a current ratio of 2.00 and a quick ratio of 2.00. The company has a fifty day moving average price of $15.16 and a 200 day moving average price of $13.71. The company has a market capitalization of $6.51 billion, a P/E ratio of -9.42 and a beta of 3.67.

Institutional Investors Weigh In On TeraWulf

A number of hedge funds have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC grew its position in shares of TeraWulf by 265.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 6,609 shares of the company’s stock worth $29,000 after acquiring an additional 4,800 shares during the last quarter. Advisory Services Network LLC bought a new position in TeraWulf in the 3rd quarter worth about $29,000. Advisors Asset Management Inc. increased its stake in shares of TeraWulf by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 6,767 shares of the company’s stock valued at $30,000 after purchasing an additional 2,748 shares during the period. Vermillion Wealth Management Inc. raised its holdings 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 valued at $30,000 after buying an additional 2,394 shares during the last quarter. Finally, Solstein Capital LLC acquired a new position in shares of TeraWulf during the fourth quarter worth approximately $34,000. 62.49% of the stock is currently owned by institutional investors.

About TeraWulf

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.