TeraWulf (NASDAQ:WULF) Shares Down 5.9% – Should You Sell?

TeraWulf Inc. (NASDAQ:WULF) shares fell 5.9% on Tuesday . The company traded as low as $8.23 and last traded at $8.30. 6,252,235 shares changed hands during trading, a decline of 70% from the average session volume of 20,988,156 shares. The stock had previously closed at $8.82.

Analyst Ratings Changes

A number of research analysts have recently commented on WULF shares. Stifel Canada cut shares of TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, October 29th. B. Riley reaffirmed a “buy” rating and set a $6.00 target price on shares of TeraWulf in a report on Monday, October 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $5.00 target price on shares of TeraWulf in a research note on Tuesday, October 8th. Needham & Company LLC initiated coverage on TeraWulf in a report on Wednesday, September 4th. They set a “buy” rating and a $6.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of TeraWulf in a research report on Thursday, October 3rd. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, TeraWulf has an average rating of “Buy” and a consensus price target of $6.17.

TeraWulf Stock Performance

The company has a 50 day simple moving average of $5.21 and a two-hundred day simple moving average of $4.27.

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

Hedge Funds Weigh In On TeraWulf

Institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. acquired a new position in TeraWulf during the second quarter worth about $22,443,000. Hood River Capital Management LLC purchased a new stake in shares of TeraWulf during the second quarter valued at approximately $20,532,000. Driehaus Capital Management LLC bought a new stake in shares of TeraWulf in the 2nd quarter worth about $9,948,000. Duquesne Family Office LLC acquired a new position in shares of TeraWulf in the 2nd quarter valued at about $9,301,000. Finally, Zweig DiMenna Associates LLC acquired a new stake in TeraWulf during the third quarter worth about $9,489,000. 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.