50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Rosenblatt sustains Buy rating on Terawulf shares, cites productions

EditorNatashya Angelica
Published 05/12/2024, 13:48
WULF
-

On Thursday, Rosenblatt Securities maintained its Buy rating on shares of Terawulf Inc. (NASDAQ:WULF), with a consistent price target of $10.00. The stock, which has delivered an impressive 424% return over the past year and is currently trading near its 52-week high of $9.30, continues to show strong momentum.

The firm's position follows Terawulf's recent production and operations update for November 2024, which met expectations. According to InvestingPro data, the company has shown remarkable revenue growth of 131% in the last twelve months.

The update highlighted Terawulf's enhancements to its infrastructure, including the upgrade of its power systems to include high-voltage redundant power feeds. This upgrade temporarily impacted around 5.3 EH/s of the company's mining operations.

Despite the short-term effect on mining capabilities, the upgrade is seen as a strategic move to bolster the company's infrastructure. The implementation of redundant power feeds is designed to provide more stability and reliability to the data center's operations.

The new power configuration is not only about improving current operations but also about future-proofing the company's facilities. According to Rosenblatt, this upgrade positions Terawulf's data center to potentially offer high-performance computing (HPC) and artificial intelligence (AI) co-location opportunities.

In light of these developments, Rosenblatt Securities reiterated its confidence in Terawulf's prospects. The firm's analyst stated, "We maintain our Buy rating and $10 12-month target price," underscoring a positive outlook for the company's stock performance over the next year.

In other recent news, TeraWulf Inc. has made significant strides with its Lake Mariner facility, completing substantial electrical infrastructure upgrades and advancing its miner refresh program.

The company successfully mined 115 bitcoins and maintained an operational self-mining capacity of 8.4 EH/s. The firm also reported an average power cost of $41,190 per bitcoin mined in November, reflecting its commitment to using predominantly zero-carbon energy sources.

In the same vein, TeraWulf has experienced several changes in its executive team, promoting Sean Farrell to the position of Chief Operating Officer. Despite a 24% decrease in revenues to $27.1 million and a 21% decrease in Bitcoin mining for Q3, the company managed to raise a substantial $500 million through a convertible bond offering and a $115 million share repurchase program.

Analyst firms Cantor Fitzgerald, Needham, and Rosenblatt Securities have shown increased optimism for TeraWulf, adjusting their price targets for the company's shares and maintaining positive ratings. These recent developments reflect TeraWulf's strategic focus on expanding their operations in the dynamic digital mining industry.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.