TeraWulf (NASDAQ:WULF) Trading Down 8.6% – What’s Next?

Shares of TeraWulf Inc. (NASDAQ:WULF) dropped 8.6% during trading on Wednesday . The company traded as low as $5.59 and last traded at $5.60. Approximately 15,902,511 shares were traded during trading, a decline of 49% from the average daily volume of 31,246,791 shares. The stock had previously closed at $6.13.

Wall Street Analyst Weigh In

WULF has been the topic of several recent research reports. Needham & Company LLC raised their price target on shares of TeraWulf from $6.00 to $9.50 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Northland Securities restated an “outperform” rating and issued a $10.00 target price on shares of TeraWulf in a report on Tuesday, December 24th. Rosenblatt Securities reiterated a “buy” rating and set a $10.00 price target on shares of TeraWulf in a report on Thursday, December 5th. Atb Cap Markets upgraded TeraWulf to a “strong-buy” rating in a research note on Sunday, January 5th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of TeraWulf in a research note on Wednesday. They issued a “market perform” rating for the company. One research analyst has rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $8.64.

TeraWulf Stock Performance

The stock has a 50 day moving average price of $6.91 and a 200 day moving average price of $5.49.

Hedge Funds Weigh In On TeraWulf

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in TeraWulf by 12.9% in the 3rd quarter. Geode Capital Management LLC now owns 7,183,123 shares of the company’s stock worth $33,623,000 after buying an additional 820,354 shares during the period. State Street Corp boosted its holdings in shares of TeraWulf by 3.8% in the third quarter. State Street Corp now owns 6,283,196 shares of the company’s stock worth $29,405,000 after acquiring an additional 227,186 shares during the period. Point72 Asset Management L.P. bought a new position in shares of TeraWulf in the second quarter worth $22,443,000. Hood River Capital Management LLC purchased a new position in shares of TeraWulf in the second quarter valued at $20,532,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of TeraWulf by 258.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,363,951 shares of the company’s stock valued at $11,063,000 after purchasing an additional 1,704,013 shares during the period. Hedge funds and other institutional investors 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.