TeraWulf (NASDAQ:WULF) Trading Down 5.9% – Time to Sell?

TeraWulf Inc. (NASDAQ:WULF)’s share price was down 5.9% during trading on Tuesday . The stock traded as low as $8.23 and last traded at $8.30. Approximately 6,252,235 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 20,988,156 shares. The stock had previously closed at $8.82.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Needham & Company LLC began coverage on TeraWulf in a report on Wednesday, September 4th. They issued a “buy” rating and a $6.00 target price on the stock. Stifel Canada downgraded TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “buy” rating and set a $5.00 price target on shares of TeraWulf in a research report on Tuesday, October 8th. B. Riley reaffirmed a “buy” rating and issued a $6.00 price target on shares of TeraWulf in a research note on Monday, October 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of TeraWulf in a report on Thursday, October 3rd. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $6.17.

TeraWulf Price Performance

The firm’s 50-day moving average price is $5.21 and its 200 day moving average price is $4.27.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter. TeraWulf had a negative return on equity of 19.77% and a negative net margin of 41.67%. The business had revenue of $35.57 million during the quarter, compared to analyst estimates of $35.73 million. Sell-side analysts predict that TeraWulf Inc. will post -0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On TeraWulf

Large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. bought a new stake in TeraWulf during the second quarter worth approximately $22,443,000. Hood River Capital Management LLC acquired a new position in shares of TeraWulf during the second quarter worth approximately $20,532,000. Driehaus Capital Management LLC acquired a new position in shares of TeraWulf in the second quarter valued at $9,948,000. Duquesne Family Office LLC acquired a new position in TeraWulf during the second quarter worth $9,301,000. Finally, Zweig DiMenna Associates LLC acquired a new position in TeraWulf during the third quarter worth $9,489,000. 62.49% of the stock is currently 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.