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.

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