TeraWulf (NASDAQ:WULF) Shares Gap Up – Time to Buy?

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up prior to trading on Tuesday . The stock had previously closed at $5.32, but opened at $5.51. TeraWulf shares last traded at $5.52, with a volume of 4,340,104 shares trading hands.

Wall Street Analyst Weigh In

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

TeraWulf Stock Performance

The stock has a fifty day simple moving average of $7.02 and a 200-day simple moving average of $5.43.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. acquired a new position in TeraWulf during the 2nd quarter worth approximately $22,443,000. Hood River Capital Management LLC acquired a new position in TeraWulf during the second quarter worth $20,532,000. Driehaus Capital Management LLC bought a new position in TeraWulf in the second quarter valued at $9,948,000. Duquesne Family Office LLC acquired a new stake in TeraWulf in the 2nd quarter valued at $9,301,000. Finally, Zweig DiMenna Associates LLC bought a new stake in TeraWulf during the 3rd quarter worth about $9,489,000. 62.49% of the stock is currently owned by 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.