TeraWulf (NASDAQ:WULF) Shares Gap Down – What’s Next?

TeraWulf Inc. (NASDAQ:WULF)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $6.23, but opened at $6.07. TeraWulf shares last traded at $5.99, with a volume of 2,882,544 shares.

Analyst Upgrades and Downgrades

WULF has been the topic of a number of research analyst reports. Rosenblatt Securities restated a “buy” rating and set a $10.00 price target on shares of TeraWulf in a report on Thursday, December 5th. Needham & Company LLC upped their target price on TeraWulf from $6.00 to $9.50 and gave the company a “buy” rating in a report on Wednesday, November 13th. Stifel Canada cut shares of TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, October 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 price objective on shares of TeraWulf in a report on Wednesday, December 4th. Finally, B. Riley lifted their target price on shares of TeraWulf from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $8.64.

TeraWulf Price Performance

The firm has a 50 day moving average of $7.06 and a two-hundred day moving average of $5.38.

Institutional Trading of TeraWulf

Institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its holdings in TeraWulf by 258.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,363,951 shares of the company’s stock worth $11,063,000 after acquiring an additional 1,704,013 shares during the last quarter. State Street Corp lifted its stake in TeraWulf by 3.8% during the 3rd quarter. State Street Corp now owns 6,283,196 shares of the company’s stock valued at $29,405,000 after acquiring an additional 227,186 shares during the period. Intech Investment Management LLC bought a new stake in shares of TeraWulf in the third quarter worth approximately $340,000. Bank of New York Mellon Corp raised its holdings in shares of TeraWulf by 97.8% during the second 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 during the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new position in TeraWulf during the second quarter valued at approximately $1,095,000. 62.49% of the stock is owned by hedge funds and other institutional investors.

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.