TeraWulf Inc. (WULF): Here’s Why the Stock Crashed on Wednesday

We recently published a list of 10 Tech, Energy Stocks Are Wednesday’s Worst Performers. In this article, we are going to take a look at where TeraWulf Inc. (NASDAQ:WULF) stands against other tech, energy stocks are Wednesday’s worst performers.

Ten technology and energy companies suffered a bloodbath on Wednesday, primarily due to profit-taking following the previous day’s gains and bearish comments surrounding the progress of quantum computing development.

In this article, we will look at the performance of some of the worst-performing companies and explore the factors behind their decline.

We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top losers.

Is Terawulf (WULF) Among Tech, Energy Stocks That Are Wednesday’s Worst Performers?

TeraWulf Inc. (NASDAQ:WULF)

Shares of TeraWulf Inc. (NASDAQ:WULF) dropped for a second day on Wednesday, losing 10.11 percent to finish at $5.51 apiece after the company earned downgraded ratings from analysts.

In a recent development, Roth Capital analyst Darren Aftahi adjusted his earnings projections for the company for the fiscal year 2024 and the fourth quarter of 2025.

For the full-year 2024, Aftahi increased his loss projections for TeraWulf (NASDAQ:WULF) to $0.17 per share from $0.09 previously, indicating a more cautious outlook for the company’s near-term profitability as it navigates market challenges and capital expenditures.

TeraWulf (WULF), a Bitcoin mining firm, also dropped in conjunction with Bitcoin prices, which dipped by 0.14 percent on Wednesday to $94,900.

Overall, WULF ranks 9th on our list of tech, energy stocks are Wednesday’s worst performers. While we acknowledge the potential of WULF as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than WULF but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.