Needham & Company LLC Raises TeraWulf (NASDAQ:WULF) Price Target to $9.50

TeraWulf (NASDAQ:WULF - Get Free Report) had its price target boosted by equities researchers at Needham & Company LLC from $6.00 to $9.50 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price target suggests a potential upside of 29.25% from the company's previous close.

A number of other research analysts have also weighed in on WULF. B. Riley reissued a "buy" rating and issued a $6.00 target price on shares of TeraWulf in a research note on Monday, October 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $10.00 price objective on shares of TeraWulf in a research report on Thursday, October 3rd. Northland Securities lifted their price objective on shares of TeraWulf from $8.00 to $10.00 and gave the stock an "outperform" rating in a research report on Wednesday. Rosenblatt Securities restated a "buy" rating and issued a $5.00 price objective on shares of TeraWulf in a research note on Tuesday, October 8th. Finally, Stifel Canada cut TeraWulf from a "strong-buy" rating to a "moderate buy" rating in a research report on Tuesday, October 29th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, TeraWulf currently has a consensus rating of "Buy" and an average target price of $7.21.

TeraWulf Price Performance

Shares of NASDAQ:WULF traded down $1.18 during trading on Wednesday, reaching $7.35. 41,857,900 shares of the company's stock traded hands, compared to its average volume of 21,202,949. TeraWulf has a fifty-two week low of $0.91 and a fifty-two week high of $9.30. The company has a 50-day simple moving average of $5.30 and a 200-day simple moving average of $4.31.

TeraWulf (NASDAQ:WULF - Get Free Report) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter. TeraWulf had a negative net margin of 41.88% and a negative return on equity of 17.02%. The company had revenue of $35.57 million during the quarter, compared to analysts' expectations of $35.73 million. As a group, equities analysts expect that TeraWulf will post -0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On TeraWulf

A number of hedge funds and other institutional investors have recently bought and sold shares of WULF. Point72 Asset Management L.P. acquired a new stake in TeraWulf during the 2nd quarter valued at $22,443,000. Hood River Capital Management LLC acquired a new stake in shares of TeraWulf in the 2nd quarter valued at $20,532,000. Driehaus Capital Management LLC acquired a new stake in shares of TeraWulf in the 2nd quarter valued at $9,948,000. Duquesne Family Office LLC acquired a new stake in shares of TeraWulf in the 2nd quarter valued at $9,301,000. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of TeraWulf in the 3rd quarter valued at $9,489,000. 62.49% of the stock is owned by institutional investors and hedge funds.

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.