TeraWulf (NASDAQ:WULF) Shares Up 8.6% – Here’s What Happened

Shares of TeraWulf Inc. (NASDAQ:WULF) traded up 8.6% on Tuesday . The stock traded as high as $6.32 and last traded at $6.31. 7,787,157 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 21,538,168 shares. The stock had previously closed at $5.81.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. B. Riley lifted their price target on TeraWulf from $8.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Needham & Company LLC lifted their target price on shares of TeraWulf from $6.00 to $9.50 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $11.00 target price on shares of TeraWulf in a research report on Wednesday, December 4th. Northland Securities restated an “outperform” rating and set a $10.00 price target on shares of TeraWulf in a report on Tuesday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $10.00 price objective on shares of TeraWulf in a research note on Thursday, December 5th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $8.64.

TeraWulf Price Performance

The stock’s 50-day moving average price is $7.03 and its 200 day moving average price is $5.36.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of WULF. Bank of New York Mellon Corp grew its position in shares of TeraWulf by 97.8% in the second 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in TeraWulf during the 2nd quarter valued at approximately $250,000. Principal Financial Group Inc. grew its holdings in TeraWulf by 75.6% in the 2nd 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 last quarter. Rhumbline Advisers increased its position in TeraWulf by 66.8% in the 2nd quarter. Rhumbline Advisers now owns 299,545 shares of the company’s stock worth $1,333,000 after buying an additional 119,911 shares during the period. Finally, Arizona State Retirement System acquired a new position in shares of TeraWulf during the second quarter worth approximately $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.