TeraWulf (NASDAQ:WULF) Stock Price Down 8.4% - Here's What Happened

TeraWulf Inc. (NASDAQ:WULF - Get Free Report) shares fell 8.4% during trading on Tuesday . The company traded as low as $3.02 and last traded at $2.99. 25,586,851 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 26,327,881 shares. The stock had previously closed at $3.26.

Analysts Set New Price Targets

A number of brokerages recently commented on WULF. Atb Cap Markets upgraded shares of TeraWulf to a "strong-buy" rating in a research note on Sunday, January 5th. B. Riley increased their target price on shares of TeraWulf from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Cantor Fitzgerald restated an "overweight" rating and set a $11.00 target price on shares of TeraWulf in a research report on Monday, January 6th. Keefe, Bruyette & Woods began coverage on shares of TeraWulf in a research report on Wednesday, January 8th. They set a "market perform" rating on the stock. Finally, Northland Securities restated an "outperform" rating and set a $10.00 target price on shares of TeraWulf in a research report on Tuesday, December 24th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, TeraWulf presently has an average rating of "Buy" and an average target price of $9.50.

TeraWulf Stock Performance

The stock's fifty day moving average price is $4.51 and its two-hundred day moving average price is $5.46. The company has a market cap of $1.23 billion, a P/E ratio of -16.00 and a beta of 2.70.

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

Hedge Funds Weigh In On TeraWulf

Several institutional investors and hedge funds have recently added to or reduced their stakes in WULF. Rosenberg Matthew Hamilton bought a new position in TeraWulf in the 4th quarter valued at approximately $32,000. FMR LLC lifted its stake in TeraWulf by 22.0% in the 3rd quarter. FMR LLC now owns 7,803 shares of the company's stock valued at $37,000 after purchasing an additional 1,408 shares during the last quarter. KBC Group NV bought a new position in TeraWulf in the 3rd quarter valued at approximately $39,000. CoreCap Advisors LLC lifted its stake in TeraWulf by 67.9% in the 4th quarter. CoreCap Advisors LLC now owns 7,554 shares of the company's stock valued at $43,000 after purchasing an additional 3,054 shares during the last quarter. Finally, Hodges Capital Management Inc. bought a new position in TeraWulf in the 3rd quarter valued at approximately $47,000. Institutional investors own 62.49% of the company's stock.

TeraWulf Company Profile

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.