TeraWulf (NASDAQ:WULF) Shares Down 9.4% Following Weak Earnings

Shares of TeraWulf Inc. (NASDAQ:WULF) traded down 9.4% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $3.82 and last traded at $3.80. 40,627,282 shares changed hands during trading, a decline of 13% from the average session volume of 46,852,266 shares. The stock had previously closed at $4.19.

The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). The company had revenue of $35.00 million for the quarter, compared to the consensus estimate of $37.43 million. TeraWulf had a negative net margin of 41.88% and a negative return on equity of 15.91%. The company’s revenue for the quarter was up 50.2% on a year-over-year basis.

Analyst Ratings Changes

Several research analysts have commented on WULF shares. Northland Securities restated an “outperform” rating and set a $10.00 price objective on shares of TeraWulf in a report on Tuesday, December 24th. Keefe, Bruyette & Woods initiated coverage on shares of TeraWulf in a report on Wednesday, January 8th. They issued a “market perform” rating for the company. Needham & Company LLC reiterated a “buy” rating and set a $9.50 price objective on shares of TeraWulf in a research note on Monday, January 13th. Atb Cap Markets upgraded TeraWulf to a “strong-buy” rating in a report on Sunday, January 5th. Finally, B. Riley lifted their price target on TeraWulf from $8.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, TeraWulf has an average rating of “Buy” and a consensus target price of $8.64.

Institutional Inflows and Outflows

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

TeraWulf Price Performance

The firm has a market cap of $1.47 billion, a PE ratio of -19.03 and a beta of 2.59. The business’s 50 day moving average price is $5.26 and its 200 day moving average price is $5.59.

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.