TeraWulf (NASDAQ:WULF) Stock Price Up 7.3% – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF)’s share price was up 7.3% during trading on Friday . The stock traded as high as $7.87 and last traded at $7.82. Approximately 5,560,887 shares were traded during trading, a decline of 74% from the average daily volume of 21,271,035 shares. The stock had previously closed at $7.29.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on WULF. Stifel Canada cut TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of TeraWulf in a research note on Thursday, October 3rd. B. Riley reaffirmed a “buy” rating and issued a $6.00 price objective on shares of TeraWulf in a report on Monday, October 7th. Rosenblatt Securities reissued a “buy” rating and set a $5.00 target price on shares of TeraWulf in a research note on Tuesday, October 8th. Finally, Northland Securities raised their target price on TeraWulf from $8.00 to $10.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $7.21.

TeraWulf Trading Up 6.2 %

The company’s fifty day simple moving average is $6.02 and its 200-day simple moving average is $4.69.

Institutional Investors Weigh In On TeraWulf

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of TeraWulf by 17.7% during the first quarter. Vanguard Group Inc. now owns 11,722,320 shares of the company’s stock valued at $30,830,000 after acquiring an additional 1,764,115 shares during the last quarter. Geode Capital Management LLC increased its position in shares of TeraWulf by 12.9% during the third quarter. Geode Capital Management LLC now owns 7,183,123 shares of the company’s stock worth $33,623,000 after purchasing an additional 820,354 shares in the last quarter. State Street Corp raised its stake in TeraWulf by 3.8% in the 3rd quarter. State Street Corp now owns 6,283,196 shares of the company’s stock valued at $29,405,000 after purchasing an additional 227,186 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in TeraWulf in the 2nd quarter valued at $22,443,000. Finally, Hood River Capital Management LLC acquired a new stake in TeraWulf during the 2nd quarter worth $20,532,000. 62.49% of the stock is currently owned by institutional investors and hedge funds.

About TeraWulf

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.