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

Shares of TeraWulf Inc. (NASDAQ:WULF) traded down 3.5% on Friday . The company traded as low as $5.82 and last traded at $5.87. 3,015,304 shares were traded 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 Analyst Weigh In

A number of brokerages have commented on WULF. Northland Securities reiterated an “outperform” rating and issued a $10.00 target price on shares of TeraWulf in a report on Tuesday. Rosenblatt Securities reissued a “buy” rating and set a $10.00 target price on shares of TeraWulf in a research report on Thursday, December 5th. Needham & Company LLC lifted their price target on shares of TeraWulf from $6.00 to $9.50 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Stifel Canada lowered TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, October 29th. Finally, B. Riley boosted their target price on TeraWulf from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Seven investment 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 presently has an average rating of “Buy” and a consensus target price of $8.64.

TeraWulf Price Performance

The stock has a 50 day moving average of $7.05 and a 200-day moving average of $5.37.

Hedge Funds Weigh In On TeraWulf

Hedge funds and other institutional investors have recently bought and sold shares of the business. Aspect Partners LLC acquired a new stake in TeraWulf during the 3rd quarter valued at approximately $26,000. Amalgamated Bank boosted its holdings in TeraWulf by 57.7% in the second quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock valued at $35,000 after purchasing an additional 2,912 shares during the last quarter. FMR LLC grew its position in TeraWulf by 22.0% during the 3rd quarter. FMR LLC now owns 7,803 shares of the company’s stock worth $37,000 after purchasing an additional 1,408 shares during the period. KBC Group NV acquired a new position in shares of TeraWulf in the 3rd quarter valued at about $39,000. Finally, Pekin Hardy Strauss Inc. acquired a new stake in TeraWulf during the second quarter worth about $44,000. 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.