Here’s why the stock plunged on Wednesday

We recently published a list 10 technology and energy stocks are the worst performers on Wednesday. In this article, we’ll take a look at where TeraWulf Inc. (NASDAQ:WULF) stands compared to other worst-performing technology and energy stocks on Wednesday.

Ten technology and energy companies suffered a bloodbath on Wednesday, largely due to profit-taking after the previous day’s earnings and pessimistic comments about the progress of quantum computing development.

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

To identify Wednesday’s biggest losers, we only considered stocks with a market cap of at least $2 billion and a daily trading volume of $5 million.

TeraWulf Inc. (NASDAQ:WULF) shares fell for a second day on Wednesday, losing 10.11 percent to $5.51 apiece after the company was downgraded by analysts.

In a recent development, Roth Capital analyst Darren Aftahi has adjusted his profit forecasts for the company for fiscal 2024 and fourth quarter 2025.

For full-year 2024, Aftahi raised its loss forecasts 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 indicates investment expenditure.

TeraWulf (WULF), a Bitcoin mining company, also fell as Bitcoin prices fell 0.14 percent to $94,900 on Wednesday.

Overall WULF takes 9th place Energy stocks are the worst performers on our tech list on Wednesday. While we recognize WULF’s potential as an investment, we believe AI stocks are more promising for generating higher returns, and within a shorter time frame. If you’re looking for an AI stock that has more promise than WULF but trades at less than 5 times earnings, check out our report on it cheapest AI stock.

READ MORE: The 8 Best Wide Moat Stocks to Buy Now And The 30 most important AI stocks according to BlackRock

Disclosure: None. This article was originally published at Insider monkey.