TeraWulf (NASDAQ:WULF) Trading Down 3.5% – Here’s Why

TeraWulf Inc. (NASDAQ:WULF) traded down 3.5% on Friday . The stock traded as low as $5.82 and last traded at $5.87. 3,015,304 shares changed hands during trading, a decline of 86% from the average session volume of 21,493,646 shares. The stock had previously closed at $6.08.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on WULF shares. B. Riley raised their price target on TeraWulf from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Rosenblatt Securities reissued a “buy” rating and issued a $10.00 target price on shares of TeraWulf in a research report on Thursday, December 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 price target on shares of TeraWulf in a research report on Wednesday, December 4th. Stifel Canada downgraded shares of TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, October 29th. Finally, Needham & Company LLC boosted their price objective 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. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $8.64.

TeraWulf Trading Down 9.0 %

The company’s fifty day moving average is $7.06 and its two-hundred day moving average is $5.40.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in shares of TeraWulf by 12.9% in the third quarter. Geode Capital Management LLC now owns 7,183,123 shares of the company’s stock valued at $33,623,000 after buying an additional 820,354 shares in the last quarter. State Street Corp lifted its position in TeraWulf by 3.8% during the 3rd quarter. State Street Corp now owns 6,283,196 shares of the company’s stock worth $29,405,000 after acquiring an additional 227,186 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in TeraWulf in the 2nd quarter worth approximately $22,443,000. Hood River Capital Management LLC acquired a new stake in TeraWulf in the second quarter valued at approximately $20,532,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of TeraWulf by 258.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,363,951 shares of the company’s stock valued at $11,063,000 after purchasing an additional 1,704,013 shares during the period. Institutional investors and hedge funds 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.