TeraWulf (NASDAQ:WULF) Shares Gap Down - Here's Why

TeraWulf Inc. (NASDAQ:WULF - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $2.88, but opened at $2.75. TeraWulf shares last traded at $2.90, with a volume of 3,727,408 shares traded.

Analyst Upgrades and Downgrades

WULF has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a "buy" rating and set a $9.50 price target on shares of TeraWulf in a research report on Monday, January 13th. Jones Trading assumed coverage on shares of TeraWulf in a research report on Monday, March 31st. They issued a "buy" rating and a $4.00 target price for the company. Atb Cap Markets upgraded shares of TeraWulf to a "strong-buy" rating in a research note on Sunday, January 5th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $11.00 target price on shares of TeraWulf in a research note on Monday, January 6th. Finally, B. Riley boosted their price target on TeraWulf from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, TeraWulf presently has an average rating of "Buy" and a consensus target price of $8.71.

TeraWulf Stock Performance

The company has a fifty day moving average of $3.88 and a two-hundred day moving average of $5.39. The firm has a market capitalization of $997.77 million, a price-to-earnings ratio of -13.03 and a beta of 2.76.

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TeraWulf (NASDAQ:WULF - Get Free Report) last announced its earnings results on Friday, February 28th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.04). TeraWulf had a negative net margin of 41.88% and a negative return on equity of 15.91%. The business had revenue of $35.00 million during the quarter, compared to the consensus estimate of $37.43 million. TeraWulf's revenue was up 50.2% compared to the same quarter last year. Equities analysts forecast that TeraWulf Inc. will post -0.17 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in WULF. Senator Investment Group LP acquired a new position in shares of TeraWulf in the 4th quarter valued at approximately $24,371,000. Science & Technology Partners L.P. acquired a new stake in shares of TeraWulf during the fourth quarter worth $18,606,000. BIT Capital GmbH increased its stake in shares of TeraWulf by 169.4% in the 4th quarter. BIT Capital GmbH now owns 3,975,768 shares of the company's stock valued at $22,503,000 after acquiring an additional 2,499,865 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of TeraWulf by 74.2% during the fourth quarter. Van ECK Associates Corp now owns 4,763,831 shares of the company's stock valued at $26,964,000 after acquiring an additional 2,028,383 shares in the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of TeraWulf in the fourth quarter worth approximately $10,970,000. 62.49% of the stock is owned by institutional investors.

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.