Tortoise Investment Management LLC acquired a new stake in shares of TeraWulf Inc. (NASDAQ:WULF – Free Report) in the second quarter, HoldingsChannel reports. The fund acquired 153,225 shares of the company’s stock, valued at approximately $3,785,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Comerica Bank boosted its stake in TeraWulf by 3,748.5% in the first quarter. Comerica Bank now owns 12,700 shares of the company’s stock valued at $35,000 after acquiring an additional 12,370 shares during the period. Millennium Management LLC lifted its holdings in shares of TeraWulf by 47.8% in the 1st quarter. Millennium Management LLC now owns 2,456,045 shares of the company’s stock worth $6,705,000 after purchasing an additional 793,832 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of TeraWulf by 5.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 41,375 shares of the company’s stock worth $181,000 after purchasing an additional 2,258 shares during the last quarter. Creative Planning boosted its position in TeraWulf by 232.2% during the 2nd quarter. Creative Planning now owns 47,665 shares of the company’s stock valued at $209,000 after purchasing an additional 33,317 shares during the period. Finally, Franklin Resources Inc. boosted its position in TeraWulf by 10.6% during the 2nd quarter. Franklin Resources Inc. now owns 56,684 shares of the company’s stock valued at $248,000 after purchasing an additional 5,432 shares during the period. Institutional investors and hedge funds own 62.49% of the company’s stock.
TeraWulf Trading Up 1.3%
NASDAQ:WULF opened at $17.60 on Tuesday. TeraWulf Inc. has a 1 year low of $8.60 and a 1 year high of $29.84. The stock has a market cap of $8.78 billion, a price-to-earnings ratio of -4.03 and a beta of 3.76. The business has a fifty day moving average of $21.49 and a 200-day moving average of $19.62. The company has a debt-to-equity ratio of 27.25, a quick ratio of 0.75 and a current ratio of 0.75.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on WULF. Citigroup assumed coverage on TeraWulf in a research report on Monday, June 29th. They issued a “buy” rating and a $36.00 target price on the stock. Zacks Research raised shares of TeraWulf from a “strong sell” rating to a “hold” rating in a report on Friday, August 7th. Morgan Stanley lowered their price target on shares of TeraWulf from $72.00 to $62.50 and set an “overweight” rating for the company in a research report on Thursday. Bank of America began coverage on shares of TeraWulf in a report on Monday, June 15th. They issued a “buy” rating and a $34.00 price objective on the stock. Finally, Oppenheimer reiterated an “outperform” rating and issued a $35.00 price objective on shares of TeraWulf in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.21.
Insider Transactions at TeraWulf
In related news, Director Michael C. Bucella bought 3,023 shares of the stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $16.54 per share, with a total value of $50,000.42. Following the purchase, the director owned 341,844 shares in the company, valued at approximately $5,654,099.76. This represents a 0.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Paul B. Prager sold 166,650 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $24.43, for a total value of $4,071,259.50. Following the sale, the chief executive officer directly owned 4,249,202 shares in the company, valued at approximately $103,808,004.86. The trade was a 3.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 15.90% of the company’s stock.
TeraWulf 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.
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