2023-07-11 10:30:18 ET
TeraWulf ( NASDAQ: WULF ) stock spiked 20.5% in Tuesday morning trading as Northland Capital Markets started coverage of the eco-friendly bitcoin ( BTC-USD ) mining stock with an Outperform rating.
In a note to clients, analyst Mike Grondahl laid out five reasons for his bullish coverage: Increasing crypto/bitcoin market; ramping capacity with potential expansion and strategic M&A; low-cost & green power generation; large and expanding total available market with multi-layered growth strategy; and solid revenue growth, margins, and valuation.
The Outperform rate diverges from the SA Quant system rating of Hold and aligns with the average sell-side analyst rating of Strong Buy. Shares of TeraWulf ( WULF ) surged 344% since the start of 2023, thanks to bitcoin's ( BTC-USD ) strong year-to-date rally.
The move comes after TerWulf ( WULF ), which benefits from low-cost nuclear and hydropower, saw its average operating hash rate climb 25% M/M in June and its bitcoin ( BTC-USD ) production also up 8%.
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TeraWulf stock jumps as Northland starts coverage at Outperform