Is TeraWulf, Inc. overvalued or undervalued?

As of 25 April 2019, TeraWulf, Inc. has moved from a valuation grade of very expensive to risky, indicating a significant shift in its financial outlook. The company is currently deemed overvalued given its negative earnings and troubling financial ratios. Notably, TeraWulf's Price to Book Value stands at 9.82, while its EV to EBITDA ratio is -36.22, reflecting substantial losses and inefficiencies in generating earnings from its capital.
In comparison to its peers, TeraWulf's performance appears lackluster; for instance, Bitdeer Technologies Group has an EV to EBITDA of -25.68, while Global Blue Group Holding AG boasts a much healthier EV to EBITDA of 11.33. Additionally, TeraWulf's ROE is a concerning -70.93%, which starkly contrasts with the more favorable metrics of its competitors. Overall, TeraWulf is overvalued, especially considering its recent stock performance, which has underperformed against the S&P 500, with a year-to-date decline of 36.93% compared to the index's modest gain of 2.44%.