TeraWulf (NASDAQ:WULF) Trading Down 4.1% – What’s Next?

TeraWulf Inc. (NASDAQ:WULF)’s share price dropped 4.1% during mid-day trading on Thursday . The stock traded as low as $5.38 and last traded at $5.43. Approximately 14,753,849 shares were traded during trading, a decline of 32% from the average daily volume of 21,651,676 shares. The stock had previously closed at $5.66.

Analyst Upgrades and Downgrades

A number of research firms recently commented on WULF. Stifel Canada lowered TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, October 29th. Needham & Company LLC raised their price target on shares of TeraWulf from $6.00 to $9.50 and gave the company a “buy” rating in a research report on Wednesday, November 13th. B. Riley lifted their target price on shares of TeraWulf from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Northland Securities reissued an “outperform” rating and issued a $10.00 price objective on shares of TeraWulf in a research report on Tuesday, December 24th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $10.00 target price on shares of TeraWulf in a research report on Thursday, December 5th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, TeraWulf currently has an average rating of “Buy” and a consensus target price of $8.64.

TeraWulf Price Performance

The company has a 50 day simple moving average of $6.99 and a 200-day simple moving average of $5.44.

Hedge Funds Weigh In On TeraWulf

A number of large investors have recently made changes to their positions in WULF. Charles Schwab Investment Management Inc. lifted its holdings in shares of TeraWulf by 258.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,363,951 shares of the company’s stock worth $11,063,000 after buying an additional 1,704,013 shares in the last quarter. State Street Corp increased its holdings 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 during the period. Intech Investment Management LLC purchased a new stake in TeraWulf in the 3rd quarter worth approximately $340,000. Barclays PLC boosted its holdings in TeraWulf by 419.7% in the 3rd quarter. Barclays PLC now owns 424,748 shares of the company’s stock valued at $1,989,000 after purchasing an additional 343,016 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of TeraWulf by 97.8% during the 2nd 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 in the last quarter. 62.49% of the stock is owned by institutional investors.

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.