TeraWulf (NASDAQ:WULF) Trading Down 6.3% – What’s Next?

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Stifel Canada lowered shares of TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $10.00 price target on shares of TeraWulf in a research report on Thursday, December 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price objective on shares of TeraWulf in a research note on Wednesday, December 4th. Northland Securities increased their target price on TeraWulf from $8.00 to $10.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, B. Riley reaffirmed a “buy” rating and issued a $6.00 price target on shares of TeraWulf in a research report on Monday, October 7th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, TeraWulf presently has a consensus rating of “Buy” and an average price target of $8.07.

TeraWulf Price Performance

The business has a 50 day simple moving average of $6.79 and a 200 day simple moving average of $5.23.

Institutional Investors Weigh In On TeraWulf

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

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.