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

TeraWulf Inc. (NASDAQ:WULF - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $3.21, but opened at $3.09. TeraWulf shares last traded at $3.12, with a volume of 6,020,704 shares trading hands.

Wall Street Analysts Forecast Growth

WULF has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods initiated coverage on TeraWulf in a research report on Wednesday, January 8th. They issued a "market perform" rating on the stock. B. Riley raised their price objective on shares of TeraWulf from $8.00 to $10.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Atb Cap Markets raised TeraWulf to a "strong-buy" rating in a research note on Sunday, January 5th. Northland Securities reaffirmed an "outperform" rating and issued a $10.00 price target on shares of TeraWulf in a research report on Tuesday, December 24th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $9.50 price objective on shares of TeraWulf in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $9.50.

TeraWulf Price Performance

The company's 50 day simple moving average is $4.51 and its 200 day simple moving average is $5.48. The company has a market capitalization of $1.34 billion, a PE ratio of -17.48 and a beta of 2.70.

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TeraWulf (NASDAQ:WULF - Get Free Report) last posted its earnings results on Friday, February 28th. The company reported ($0.08) 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 company had revenue of $35.00 million during the quarter, compared to analysts' expectations of $37.43 million. The firm's revenue for the quarter was up 50.2% on a year-over-year basis. On average, equities analysts forecast that TeraWulf Inc. will post -0.17 EPS for the current year.

Institutional Trading of TeraWulf

A number of large investors have recently made changes to their positions in WULF. Wellington Management Group LLP lifted its stake in TeraWulf by 1,760.0% in the fourth quarter. Wellington Management Group LLP now owns 1,178,593 shares of the company's stock valued at $6,671,000 after buying an additional 1,115,228 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of TeraWulf by 13.3% in the 4th quarter. California State Teachers Retirement System now owns 266,955 shares of the company's stock valued at $1,511,000 after acquiring an additional 31,236 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in TeraWulf by 3.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 682,348 shares of the company's stock valued at $3,862,000 after purchasing an additional 25,828 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in TeraWulf in the 4th quarter valued at $7,591,000. Finally, Forum Financial Management LP acquired a new stake in TeraWulf during the 4th quarter worth $68,000. 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.