TeraWulf (NASDAQ:WULF) Sees Strong Trading Volume – Here’s Why

TeraWulf Inc. (NASDAQ:WULF) saw unusually-strong trading volume on Thursday . Approximately 26,276,311 shares were traded during mid-day trading, an increase of 30% from the previous session’s volume of 20,229,656 shares.The stock last traded at $6.39 and had previously closed at $6.40.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on WULF shares. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of TeraWulf in a report on Thursday, October 3rd. Roth Mkm restated a “buy” rating and issued a $6.50 price target on shares of TeraWulf in a report on Monday, July 8th. Needham & Company LLC started coverage on TeraWulf in a research note on Wednesday, September 4th. They set a “buy” rating and a $6.00 target price for the company. B. Riley reiterated a “buy” rating and set a $6.00 target price on shares of TeraWulf in a research note on Monday, October 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $5.00 target price on shares of TeraWulf in a research note on Tuesday, October 8th. Six research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, TeraWulf currently has a consensus rating of “Buy” and an average price target of $6.17.

TeraWulf Stock Performance

The company has a 50 day moving average of $4.54 and a 200-day moving average of $3.82.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Point72 Asset Management L.P. bought a new stake in shares of TeraWulf during the second quarter valued at about $22,443,000. Hood River Capital Management LLC bought a new stake in TeraWulf in the second quarter worth about $20,532,000. Van ECK Associates Corp raised its position in TeraWulf by 50.8% in the first quarter. Van ECK Associates Corp now owns 6,733,179 shares of the company’s stock worth $17,708,000 after acquiring an additional 2,268,870 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in TeraWulf in the second quarter worth about $9,948,000. Finally, Duquesne Family Office LLC bought a new stake in TeraWulf in the second quarter worth about $9,301,000. 62.49% of the stock is owned by institutional investors and hedge funds.

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.