TeraWulf (NASDAQ:WULF) Shares Gap Up – Still a Buy?

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up before the market opened on Wednesday . The stock had previously closed at $6.57, but opened at $6.82. TeraWulf shares last traded at $6.94, with a volume of 2,185,490 shares.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of TeraWulf in a report on Thursday, October 3rd. Northland Securities upped their target price 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 downgraded TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “buy” rating and set a $5.00 price objective on shares of TeraWulf in a research report on Tuesday, October 8th. Finally, B. Riley reissued a “buy” rating and issued a $6.00 target price on shares of TeraWulf in a research 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 data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $7.21.

TeraWulf Trading Up 3.3 %

The firm has a fifty day moving average of $5.90 and a 200-day moving average of $4.65.

Institutional Trading of TeraWulf

A number of large investors have recently added to or reduced their stakes in the company. Aspect Partners LLC bought a new position in TeraWulf during the third quarter worth about $26,000. Amalgamated Bank lifted its position in shares of 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 buying an additional 2,912 shares during the last quarter. FMR LLC boosted its stake in shares of TeraWulf by 22.0% during the 3rd quarter. FMR LLC now owns 7,803 shares of the company’s stock worth $37,000 after acquiring an additional 1,408 shares during the period. KBC Group NV acquired a new position in shares of TeraWulf during the 3rd quarter worth approximately $39,000. Finally, ARS Investment Partners LLC bought a new stake in TeraWulf in the 2nd quarter valued at $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.