TeraWulf (NASDAQ:WULF) Stock Price Down 8.4% – Time to Sell?

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

Analysts Set New Price Targets

WULF has been the subject of several recent research reports. Atb Cap Markets upgraded shares of TeraWulf to a “strong-buy” rating in a report on Sunday, January 5th. Keefe, Bruyette & Woods assumed coverage on TeraWulf in a report on Wednesday, January 8th. They issued a “market perform” rating on the stock. B. Riley raised 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. Needham & Company LLC reiterated a “buy” rating and issued a $9.50 price target on shares of TeraWulf in a research note on Monday, January 13th. Finally, Northland Securities restated an “outperform” rating and set a $10.00 price objective on shares of TeraWulf in a research note on Tuesday, December 24th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $8.64.

TeraWulf Price Performance

The company has a market capitalization of $1.14 billion, a P/E ratio of -14.88 and a beta of 2.70. The firm’s 50-day moving average is $4.70 and its 200-day moving average is $5.51.

TeraWulf (NASDAQ:WULF) last posted 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 return on equity of 15.91% and a negative net margin of 41.88%. The company had revenue of $35.00 million during the quarter, compared to analysts’ expectations of $37.43 million. The business’s revenue for the quarter was up 50.2% on a year-over-year basis. As a group, analysts forecast that TeraWulf Inc. will post -0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On TeraWulf

A number of hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in TeraWulf by 258.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,363,951 shares of the company’s stock worth $11,063,000 after purchasing an additional 1,704,013 shares during the period. State Street Corp grew its stake in TeraWulf by 3.8% during the third quarter. State Street Corp now owns 6,283,196 shares of the company’s stock valued at $29,405,000 after acquiring an additional 227,186 shares in the last quarter. GoalVest Advisory LLC purchased a new stake in TeraWulf in the 4th quarter worth $651,000. Intech Investment Management LLC bought a new position in shares of TeraWulf during the 3rd quarter valued at about $340,000. Finally, Barclays PLC grew its position in shares of TeraWulf by 419.7% during the third quarter. Barclays PLC now owns 424,748 shares of the company’s stock valued at $1,989,000 after purchasing an additional 343,016 shares in the last quarter. Institutional investors 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.