11 Most Promising Penny Stocks According to Analysts

3. Terawulf Inc. (NASDAQ:WULF)

Share Price as of April 15: $2.47

Number of Hedge Fund Holders: 43

Average Upside Potential as of April 15: 264.37%

Terawulf Inc. (NASDAQ:WULF) operates as a digital asset technology company in the US. It develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It provides miner hosting services to third-party entities.

The company’s mining operations, which are primarily located at the Lake Mariner facility, majorly contributed to its 2024 financial success. In the full year, revenue for mining operations doubled year-over-year due to an increase in the amount of Bitcoin mined. This was further fueled by a rise in Bitcoin prices. By the end of 2024, the achieved hash rate was 9.7 exahash per second, which was supported by ~60,000 mining machines.

TeraWulf has been upgrading its mining fleet with new and more efficient S21 Pro miners, with over 90% of the new units received. Once fully deployed in Miner Building 5, the total power utilized for mining is expected to reach 245 megawatts, which will potentially increase the hash rate to 13.1 exahash per second and improve the fleet’s efficiency to 18.2 joules per terahash. On March 3, Kevin Cassidy of Rosenblatt reiterated a Buy rating on TeraWulf with a $10 price target.