TeraWulf (NASDAQ:WULF) Shares Gap Down to $5.09

TeraWulf Inc. (NASDAQ:WULF - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $5.09, but opened at $4.86. TeraWulf shares last traded at $4.78, with a volume of 1,221,360 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently commented on WULF. B. Riley boosted their target price on shares of TeraWulf from $5.00 to $6.00 and gave the stock a "buy" rating in a report on Friday, June 28th. Rosenblatt Securities assumed coverage on shares of TeraWulf in a report on Tuesday, April 9th. They set a "buy" rating and a $4.20 price objective for the company. Roth Mkm reaffirmed a "buy" rating and issued a $6.50 target price on shares of TeraWulf in a report on Monday, July 8th. Roth Capital raised TeraWulf to a "strong-buy" rating in a research note on Tuesday, July 2nd. Finally, Cantor Fitzgerald lifted their price objective on TeraWulf from $9.00 to $10.00 and gave the stock an "overweight" rating in a research note on Friday, July 5th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $5.53.

TeraWulf Stock Performance

The company has a 50 day simple moving average of $3.98 and a two-hundred day simple moving average of $2.74.

TeraWulf (NASDAQ:WULF - Get Free Report) last released its earnings results on Monday, May 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.07). The firm had revenue of $42.43 million during the quarter, compared to the consensus estimate of $41.86 million. TeraWulf had a negative return on equity of 30.00% and a negative net margin of 56.70%. On average, equities analysts predict that TeraWulf Inc. will post -0.07 EPS for the current fiscal year.

Insider Transactions at TeraWulf

In related news, Treasurer Kenneth J. Deane sold 69,996 shares of the business's stock in a transaction on Friday, June 7th. The stock was sold at an average price of $3.25, for a total transaction of $227,487.00. Following the completion of the transaction, the treasurer now owns 337,245 shares in the company, valued at approximately $1,096,046.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 24.88% of the company's stock.

Institutional Investors Weigh In On TeraWulf

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ARS Investment Partners LLC purchased a new position in shares of TeraWulf during the second quarter worth approximately $44,000. Miracle Mile Advisors LLC purchased a new position in TeraWulf during the 1st quarter worth $29,000. Apollon Wealth Management LLC purchased a new position in TeraWulf during the 4th quarter worth $27,000. Partners Capital Investment Group LLP bought a new stake in TeraWulf during the 4th quarter valued at $29,000. Finally, Global Retirement Partners LLC purchased a new stake in shares of TeraWulf in the 4th quarter worth $30,000. 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.