TeraWulf (NASDAQ:WULF) Shares Gap Up – Should You Buy?

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up prior to trading on Thursday . The stock had previously closed at $6.98, but opened at $7.30. TeraWulf shares last traded at $7.10, with a volume of 2,755,241 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Rosenblatt Securities reissued a “buy” rating and issued a $10.00 target price on shares of TeraWulf in a research note on Thursday, December 5th. B. Riley restated a “buy” rating and set a $6.00 target price on shares of TeraWulf in a research report on Monday, October 7th. Northland Securities lifted their price target on shares of TeraWulf from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Stifel Canada lowered shares of TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, October 29th. Finally, Needham & Company LLC lifted their target price on shares of TeraWulf from $6.00 to $9.50 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $8.07.

TeraWulf Stock Performance

The stock’s fifty day moving average is $6.85 and its 200-day moving average is $5.24.

Institutional Trading of TeraWulf

A number of large investors have recently made changes to their positions in WULF. Bank of New York Mellon Corp lifted its holdings in shares of TeraWulf by 97.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 844,292 shares of the company’s stock valued at $3,757,000 after purchasing an additional 417,369 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of TeraWulf in the second quarter valued at approximately $250,000. Principal Financial Group Inc. boosted its holdings in shares of TeraWulf by 75.6% in the second quarter. Principal Financial Group Inc. now owns 30,529 shares of the company’s stock valued at $136,000 after buying an additional 13,142 shares during the period. Rhumbline Advisers increased its position in shares of TeraWulf by 66.8% during the second quarter. Rhumbline Advisers now owns 299,545 shares of the company’s stock worth $1,333,000 after acquiring an additional 119,911 shares in the last quarter. Finally, Arizona State Retirement System acquired a new stake in shares of TeraWulf during the second quarter worth $282,000. 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.