TeraWulf (NASDAQ:WULF) Shares Down 9.4% After Earnings Miss

TeraWulf Inc. (NASDAQ:WULF)’s stock price traded down 9.4% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $3.82 and last traded at $3.80. 40,627,282 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 46,852,266 shares. The stock had previously closed at $4.19.

The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). The business had revenue of $35.00 million for the quarter, compared to the consensus estimate of $37.43 million. TeraWulf had a negative return on equity of 15.91% and a negative net margin of 41.88%. TeraWulf’s revenue for the quarter was up 50.2% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Northland Securities restated an “outperform” rating and set a $10.00 price objective on shares of TeraWulf in a report on Tuesday, December 24th. Rosenblatt Securities reissued a “buy” rating and issued a $10.00 price target on shares of TeraWulf in a research note on Monday. Keefe, Bruyette & Woods assumed coverage on TeraWulf in a research report on Wednesday, January 8th. They set a “market perform” rating for the company. Needham & Company LLC reissued a “buy” rating and issued a $9.50 target price on shares of TeraWulf in a research report on Monday, January 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 price target on shares of TeraWulf in a research report on Monday, January 6th. One analyst has rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $8.64.

Institutional Investors Weigh In On TeraWulf

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Senator Investment Group LP bought a new position in shares of TeraWulf in the fourth quarter valued at $24,371,000. Science & Technology Partners L.P. acquired a new stake in TeraWulf in the fourth quarter valued at $18,606,000. BIT Capital GmbH grew its position in shares of TeraWulf by 169.4% in the 4th quarter. BIT Capital GmbH now owns 3,975,768 shares of the company’s stock valued at $22,503,000 after acquiring an additional 2,499,865 shares during the period. Van ECK Associates Corp increased its stake in shares of TeraWulf by 74.2% during the 4th quarter. Van ECK Associates Corp now owns 4,763,831 shares of the company’s stock worth $26,964,000 after purchasing an additional 2,028,383 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in shares of TeraWulf in the 4th quarter valued at about $10,970,000. Institutional investors own 62.49% of the company’s stock.

TeraWulf Trading Down 12.4 %

The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -18.35 and a beta of 2.59. The company’s 50 day moving average is $5.22 and its 200-day moving average is $5.59.

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.