TeraWulf (NASDAQ:WULF) Trading Up 6.8% – Still a Buy?

TeraWulf Inc. (NASDAQ:WULF) shares rose 6.8% during mid-day trading on Thursday . The company traded as high as $7.70 and last traded at $7.70. Approximately 7,388,986 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 21,342,729 shares. The stock had previously closed at $7.21.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Needham & Company LLC lifted their price target on TeraWulf from $6.00 to $9.50 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price target on shares of TeraWulf in a research report on Wednesday, December 4th. B. Riley restated a “buy” rating and set a $6.00 price objective on shares of TeraWulf in a research report on Monday, October 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $10.00 target price on shares of TeraWulf in a report on Thursday, December 5th. Finally, Northland Securities boosted 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. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $8.07.

TeraWulf Stock Performance

The company’s 50-day simple moving average is $6.62 and its 200 day simple moving average is $5.10.

Institutional Investors Weigh In On TeraWulf

Large investors have recently made changes to their positions in the business. Franklin Resources Inc. lifted its holdings in shares of TeraWulf by 10.4% in the third quarter. Franklin Resources Inc. now owns 686,219 shares of the company’s stock worth $3,081,000 after buying an additional 64,634 shares in the last quarter. Tidal Investments LLC boosted its stake in TeraWulf by 1,389.8% during the third quarter. Tidal Investments LLC now owns 868,692 shares of the company’s stock valued at $4,065,000 after buying an additional 810,382 shares during the period. Virtu Financial LLC purchased a new position in TeraWulf during the third quarter worth about $434,000. Geode Capital Management LLC increased its stake 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 acquiring an additional 820,354 shares during the last quarter. Finally, Barclays PLC increased its position in shares of TeraWulf by 419.7% in the third quarter. Barclays PLC now owns 424,748 shares of the company’s stock worth $1,989,000 after purchasing an additional 343,016 shares during the last quarter. 62.49% of the stock is owned by hedge funds and other institutional investors.

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.