TeraWulf Inc. (NASDAQ:WULF) Sees Large Growth in Short Interest

TeraWulf Inc. (NASDAQ:WULF) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 59,470,000 shares, an increase of 24.7% from the October 15th total of 47,700,000 shares. Based on an average trading volume of 23,550,000 shares, the days-to-cover ratio is currently 2.5 days. Approximately 21.0% of the shares of the company are sold short.

Institutional Trading of TeraWulf

A number of large investors have recently made changes to their positions in WULF. Vanguard Group Inc. grew its position in TeraWulf by 17.7% in the first quarter. Vanguard Group Inc. now owns 11,722,320 shares of the company’s stock worth $30,830,000 after acquiring an additional 1,764,115 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of TeraWulf in the 2nd quarter worth approximately $22,443,000. Hood River Capital Management LLC purchased a new position in shares of TeraWulf in the 2nd quarter worth approximately $20,532,000. Charles Schwab Investment Management Inc. increased its position in shares of TeraWulf by 258.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,363,951 shares of the company’s stock valued at $11,063,000 after purchasing an additional 1,704,013 shares during the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in TeraWulf during the 2nd quarter valued at $9,948,000. 62.49% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on WULF shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of TeraWulf in a report on Thursday, October 3rd. Needham & Company LLC increased their price target on TeraWulf from $6.00 to $9.50 and gave the stock a “buy” rating in a research note on Wednesday. Stifel Canada lowered TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, October 29th. B. Riley reissued a “buy” rating and issued a $6.00 price target on shares of TeraWulf in a report on Monday, October 7th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $5.00 price target on shares of TeraWulf in a research note on Tuesday, October 8th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, TeraWulf currently has a consensus rating of “Buy” and a consensus target price of $7.21.

TeraWulf Stock Performance

NASDAQ WULF opened at $6.95 on Friday. TeraWulf has a 1-year low of $0.94 and a 1-year high of $9.30. The business has a 50 day simple moving average of $5.37 and a two-hundred day simple moving average of $4.33.

TeraWulf (NASDAQ:WULF) last announced its quarterly 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 17.02% and a negative net margin of 41.88%. The business had revenue of $35.57 million during the quarter, compared to the consensus estimate of $35.73 million. As a group, equities analysts anticipate that TeraWulf will post -0.1 EPS for the current year.

TeraWulf Company Profile

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.