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

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up prior to trading on Wednesday . The stock had previously closed at $6.72, but opened at $6.97. TeraWulf shares last traded at $6.77, with a volume of 1,845,774 shares traded.

Analyst Ratings Changes

WULF has been the topic of several research reports. Rosenblatt Securities restated a “buy” rating and set a $10.00 price target on shares of TeraWulf in a research note on Thursday, December 5th. Needham & Company LLC upped their price target on shares of TeraWulf from $6.00 to $9.50 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Northland Securities boosted their price objective on shares of TeraWulf from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Stifel Canada cut TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, October 29th. Finally, B. Riley reiterated a “buy” rating and issued a $6.00 target price on shares of TeraWulf in a report on Monday, October 7th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, TeraWulf currently has an average rating of “Buy” and an average price target of $8.07.

TeraWulf Stock Up 3.4 %

The business has a fifty day moving average price of $6.45 and a two-hundred day moving average price of $5.03.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WULF. Geode Capital Management LLC raised its stake in shares of TeraWulf by 12.9% during the 3rd 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 during the last quarter. State Street Corp boosted its position in TeraWulf by 3.8% in the 3rd quarter. State Street Corp now owns 6,283,196 shares of the company’s stock worth $29,405,000 after purchasing an additional 227,186 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of TeraWulf during the 2nd quarter worth approximately $22,443,000. Hood River Capital Management LLC purchased a new position in shares of TeraWulf during the 2nd quarter valued at approximately $20,532,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of TeraWulf by 258.2% in the 3rd 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. 62.49% of the stock is currently owned by institutional investors and hedge funds.

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.