TeraWulf (NASDAQ:WULF) Shares Down 9.3% Following Insider Selling

TeraWulf Inc. (NASDAQ:WULF)’s share price traded down 9.3% during trading on Thursday following insider selling activity. The stock traded as low as $15.29 and last traded at $15.2950. 18,934,369 shares were traded during trading, a decline of 39% from the average session volume of 31,134,410 shares. The stock had previously closed at $16.86.

Specifically, CEO Paul B. Prager sold 137,500 shares of the company’s stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $16.10, for a total transaction of $2,213,750.00. Following the completion of the sale, the chief executive officer directly owned 354,200 shares in the company, valued at $5,702,620. This represents a 27.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Analysts Set New Price Targets

Several equities analysts have issued reports on WULF shares. Morgan Stanley began coverage on TeraWulf in a research note on Monday, February 9th. They issued an “overweight” rating and a $37.00 target price on the stock. Keefe, Bruyette & Woods cut their price objective on shares of TeraWulf from $24.00 to $23.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of TeraWulf in a research report on Monday, December 29th. Arete Research initiated coverage on shares of TeraWulf in a research note on Monday, March 23rd. They issued a “buy” rating and a $30.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $21.00 price target on shares of TeraWulf in a research report on Tuesday, February 3rd. Thirteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.29.

TeraWulf Trading Down 3.0%

The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 33.00. The stock has a 50-day simple moving average of $15.18 and a 200 day simple moving average of $13.75. The company has a market cap of $6.31 billion, a price-to-earnings ratio of -9.13 and a beta of 3.67.

Institutional Investors Weigh In On TeraWulf

A number of institutional investors and hedge funds have recently modified their holdings of the company. Advisory Services Network LLC acquired a new position in TeraWulf in the 3rd quarter worth approximately $29,000. Vermillion Wealth Management Inc. boosted its holdings in shares of TeraWulf by 1,191.0% in the 4th quarter. Vermillion Wealth Management Inc. now owns 2,595 shares of the company’s stock valued at $30,000 after acquiring an additional 2,394 shares during the last quarter. Solstein Capital LLC purchased a new stake in shares of TeraWulf in the 4th quarter valued at $34,000. GPS Wealth Strategies Group LLC increased its stake in shares of TeraWulf by 366.2% in the third quarter. GPS Wealth Strategies Group LLC now owns 3,590 shares of the company’s stock worth $41,000 after acquiring an additional 2,820 shares during the period. Finally, Activest Wealth Management purchased a new position in shares of TeraWulf during the fourth quarter worth $46,000. Institutional investors and hedge funds own 62.49% of the company’s stock.

TeraWulf Company Profile

TeraWulf, Inc (NASDAQ: WULF) is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.