What's Going On With Bitcoin-Miner TeraWulf's Stock?
Portfolio Pulse from Erica Kollmann
TeraWulf Inc. (NASDAQ:WULF) shares are trading higher after the company provided an unaudited monthly production and operations update for May 2024. The company self-mined 186 bitcoin in May, with an average production rate of 6 bitcoin per day. Power costs averaged $31,239 per bitcoin. TeraWulf's installed and operational self-mining capacity reached 8.0 EH/s, an 82% year-over-year increase. The company is also making progress on new facilities that will further increase capacity. Analysts have a positive outlook on the stock with an average 12-month price target of $3.78.
June 04, 2024 | 5:37 pm
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TeraWulf Inc. shares are trading higher after the company reported mining 186 bitcoin in May and an 82% year-over-year increase in mining capacity. The company is also expanding its facilities, which is expected to further increase capacity. Analysts have a positive outlook with an average 12-month price target of $3.78.
The positive production update and significant year-over-year increase in mining capacity are likely to boost investor confidence. Additionally, the company's expansion plans and positive analyst ratings suggest further upside potential for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100