TeraWulf (NASDAQ:WULF) Trading Down 9.7% on Insider Selling

TeraWulf Inc. (NASDAQ:WULFGet Free Report)’s share price traded down 9.7% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $2.78 and last traded at $2.79. 2,926,723 shares were traded during mid-day trading, a decline of 84% from the average session volume of 18,879,393 shares. The stock had previously closed at $3.09.

Specifically, Treasurer Kenneth J. Deane sold 69,996 shares of TeraWulf stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $3.25, for a total value of $227,487.00. Following the completion of the sale, the treasurer now directly owns 337,245 shares in the company, valued at $1,096,046.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 24.88% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WULF. B. Riley reduced their price objective on shares of TeraWulf from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Cantor Fitzgerald assumed coverage on TeraWulf in a research note on Tuesday. They set an “overweight” rating and a $7.00 price objective on the stock. Rosenblatt Securities initiated coverage on TeraWulf in a research report on Tuesday, April 9th. They set a “buy” rating and a $4.20 price target on the stock. Finally, Compass Point reduced their price objective on shares of TeraWulf from $4.50 to $3.50 and set a “buy” rating for the company in a research report on Thursday, March 21st. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, TeraWulf presently has a consensus rating of “Buy” and an average price target of $4.16.

View Our Latest Analysis on TeraWulf

TeraWulf Stock Performance

The business’s 50 day simple moving average is $2.28 and its 200-day simple moving average is $2.06.

TeraWulf (NASDAQ:WULFGet Free Report) last announced its quarterly earnings data on Monday, May 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). TeraWulf had a negative net margin of 56.70% and a negative return on equity of 30.00%. The firm had revenue of $42.43 million during the quarter, compared to the consensus estimate of $41.86 million. Equities analysts predict that TeraWulf Inc. will post -0.06 EPS for the current fiscal year.

Institutional Trading of TeraWulf

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in shares of TeraWulf by 95.8% in the third quarter. Bank of New York Mellon Corp now owns 416,006 shares of the company’s stock worth $524,000 after acquiring an additional 203,584 shares during the last quarter. Swiss National Bank acquired a new stake in TeraWulf in the third quarter valued at approximately $294,000. Van ECK Associates Corp grew its stake in shares of TeraWulf by 3.0% during the third quarter. Van ECK Associates Corp now owns 2,434,668 shares of the company’s stock worth $3,068,000 after buying an additional 70,110 shares during the last quarter. State Board of Administration of Florida Retirement System acquired a new position in shares of TeraWulf during the third quarter worth $49,000. Finally, Luminus Management LLC lifted its stake in shares of TeraWulf by 97.4% in the 3rd quarter. Luminus Management LLC now owns 1,099,393 shares of the company’s stock valued at $1,385,000 after acquiring an additional 542,496 shares during the last quarter. 62.49% of the stock is currently owned by institutional investors.

About TeraWulf

(Get Free Report)

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.

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