TeraWulf (NASDAQ:WULF) Shares Gap Up – Here’s Why

TeraWulf Inc. (NASDAQ:WULF)’s share price gapped up before the market opened on Monday . The stock had previously closed at $3.20, but opened at $3.35. TeraWulf shares last traded at $3.38, with a volume of 6,148,247 shares traded.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and set a $10.00 price objective on shares of TeraWulf in a research report on Monday, March 3rd. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price objective on shares of TeraWulf in a research report on Monday, January 6th. Atb Cap Markets raised shares of TeraWulf to a “strong-buy” rating in a research report on Sunday, January 5th. B. Riley raised their price objective 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. Finally, Northland Securities reaffirmed an “outperform” rating and issued a $10.00 target price on shares of TeraWulf in a report on Tuesday, December 24th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $9.50.

TeraWulf Price Performance

The company’s 50 day moving average is $4.51 and its 200 day moving average is $5.48. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -17.14 and a beta of 2.70.

TeraWulf (NASDAQ:WULF) last announced its quarterly earnings data on Friday, February 28th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $37.43 million. The company’s revenue for the quarter was up 50.2% compared to the same quarter last year. Sell-side analysts predict that TeraWulf Inc. will post -0.17 earnings per share for the current year.

Hedge Funds Weigh In On TeraWulf

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in TeraWulf by 258.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,363,951 shares of the company’s stock worth $11,063,000 after acquiring an additional 1,704,013 shares during the last quarter. State Street Corp raised its position in TeraWulf by 3.8% during the third quarter. State Street Corp now owns 6,283,196 shares of the company’s stock worth $29,405,000 after acquiring an additional 227,186 shares during the last quarter. GoalVest Advisory LLC acquired a new position in TeraWulf during the fourth quarter worth about $651,000. Intech Investment Management LLC acquired a new position in TeraWulf during the third quarter worth about $340,000. Finally, Barclays PLC raised its position in TeraWulf by 419.7% during the third quarter. Barclays PLC now owns 424,748 shares of the company’s stock worth $1,989,000 after acquiring an additional 343,016 shares during the last quarter. Institutional investors and hedge funds own 62.49% of the company’s stock.

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.