TeraWulf Insiders Sold at $15-$17, Stock Now Trades $11.73
TeraWulf's CEO and board members sold $5.3 million in shares at prices between $15.14 and $17.81 in August and September, well above the current stock price of $11.73, even as consensus EPS estimates
WULF Q3 Due Nov 6 as Insiders Sold Above $15
NEW YORK, October 31 —
TeraWulf Inc. (WULF) heads into its November 6 earnings report with consensus EPS estimates revised 22.79% lower over the past 30 days and with its CEO and two directors having sold a combined $5.32 million in shares at prices between $15 and $17, well above the $11.73 where the stock trades today.
- Q3 consensus: EPS -$0.12 (down 71.4% YoY); revenue $70.43M (up 39.2%); report due November 6.
- CEO Prager sold 137,500 shares at $17.06 on August 27; two directors sold another $2.97 million through September.
- Net 90-day insider open-market sales: $5.32 million vs. $0.19 million purchased; short interest 30.2% of float.
Three Misses and a Burning Balance Sheet
TeraWulf operates bitcoin mining and high-performance computing facilities across the U.S., positioning itself as a clean-energy infrastructure play. The reported numbers have repeatedly underperformed: after one beat, the company posted three consecutive EPS misses of -68.8%, -4.2%, and -22.2%. Trailing revenue of roughly $170 million has fallen 6.0% year-over-year even as gross margins sit at 69.3%, a top line that still produces an EPS of -$4.43 and free cash flow of -$234 million. The gap between margin and cash tells the story: TeraWulf is burning heavily to build capacity whose returns remain unproven.
Insiders Found Better Prices
The insider pattern carries more information than the analyst upgrades. CEO Paul Prager sold 137,500 shares at $17.06 on August 27, director Walter Carter sold 130,626 at $15.14 on August 31, and director Catherine Motz sold 56,023 at $17.81 on September 8, per Form 4 filings. The lone buyer, director Michael Bucella, acquired roughly 11,968 shares at $14.79 to $17.47 for about $190,000. Against $5.32 million in sales, Bucella's purchases represent roughly 3.6 cents for every dollar sold. Insiders were active, but their direction was one-way.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| WULF | $5.9B | n/a | -24.3% |
| CIFR | $3.0B | 33.2x | -60.9% |
| IREN | $9.7B | n/a | -60.6% |
| CORZ | $4.3B | 81.4x | -38.5% |
| KEEL | $1.3B | n/a | -48.1% |
| HUT | $7.3B | n/a | +17.3% |
What the Bull Thesis Requires
The optimism is not incoherent. B. Riley Securities cut its target to $26 from $40 on October 30 but kept a Buy; Cantor Fitzgerald named TeraWulf a "generational buy" alongside peers HUT and CORZ even while trimming sector targets. The consensus mean of $31.54 is nearly triple the current price. But closing that gap requires an AI/HPC inflection visible in reported results, not pipeline, from a company carrying $5.24 billion in total debt against $2.62 billion in cash. Run a DCF on those assumptions and November 6 becomes the first hard test of whether the thesis has numbers behind it. Run the free TeraWulf Inc. deep-dive →
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
When is TeraWulf Q3 earnings?
TeraWulf reports Q3 earnings on November 6. Consensus EPS estimates are -$0.12, down 71.4% year-over-year, with expected revenue of $70.43M up 39.2% from a year ago.
Why did TeraWulf insiders sell stock?
CEO Paul Prager and directors Walter Carter and Catherine Motz sold combined $5.32 million in shares between August 27 and September 8 at prices between $15.14 and $17.81, significantly above the current stock price of $11.73.
What is TeraWulf's financial performance?
TeraWulf has posted three consecutive EPS misses of -68.8%, -4.2%, and -22.2% and burned $234 million in free cash flow, though trailing gross margins remain strong at 69.3%.
How much debt does TeraWulf carry?
TeraWulf has $5.24 billion in total debt against $2.62 billion in cash on hand, reflecting significant investment in capacity whose returns remain unproven.
What do analysts expect from TeraWulf?
The consensus analyst price target is $31.54, nearly triple the current price, though B. Riley cut its target to $26 from $40 on October 30 while maintaining a Buy rating.
TeraWulf's Q3 2026 earnings report arrives November 6 with the consensus expecting a 71.4% year-over-year EPS decline and estimates revised sharply lower in the past month — yet its CEO and two directors collectively sold $5.32 million in shares at prices well above where the stock trades today.