TeraWulf (NASDAQ:WULF) Shares Down 6.3% – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF) dropped 6.3% during trading on Wednesday . The company traded as low as $7.67 and last traded at $7.68. Approximately 3,681,022 shares were traded during trading, a decline of 83% from the average daily volume of 21,389,580 shares. The stock had previously closed at $8.20.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on WULF shares. Needham & Company LLC raised their price target on TeraWulf from $6.00 to $9.50 and gave the company a “buy” rating in a report on Wednesday, November 13th. Rosenblatt Securities reiterated a “buy” rating and set a $10.00 price target on shares of TeraWulf in a research report on Thursday, December 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 target price on shares of TeraWulf in a research note on Wednesday, December 4th. B. Riley increased their price target on shares of TeraWulf from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Northland Securities upped their price objective on TeraWulf from $8.00 to $10.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $8.64.

TeraWulf Trading Down 6.9 %

The business’s fifty day simple moving average is $6.90 and its 200 day simple moving average is $5.25.

Hedge Funds Weigh In On TeraWulf

Several hedge funds have recently added to or reduced their stakes in WULF. FMR LLC increased its stake in TeraWulf by 22.0% in the third quarter. FMR LLC now owns 7,803 shares of the company’s stock valued at $37,000 after purchasing an additional 1,408 shares in the last quarter. Chesapeake Capital Corp IL grew its stake in TeraWulf by 6.6% in the third quarter. Chesapeake Capital Corp IL now owns 27,500 shares of the company’s stock valued at $136,000 after acquiring an additional 1,700 shares during the period. Amalgamated Bank increased its holdings in shares of TeraWulf by 57.7% in the second quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock worth $35,000 after acquiring an additional 2,912 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of TeraWulf by 13.3% during the third quarter. Victory Capital Management Inc. now owns 34,866 shares of the company’s stock worth $163,000 after purchasing an additional 4,093 shares during the period. Finally, Aspect Partners LLC bought a new position in shares of TeraWulf during the 3rd quarter valued at about $26,000. Institutional investors and hedge funds own 62.49% of the company’s stock.

TeraWulf Company Profile

TeraWulf Inc, together with its subsidiaries, operates as a digital asset technology company in the United States. The company develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It is also involved in the provision of miner hosting services to third-party entities. The company was founded in 2021 and is headquartered in Easton, Maryland.