TeraWulf (NASDAQ:WULF) Trading Down 8.6% – Here’s Why

TeraWulf Inc. (NASDAQ:WULF) was down 8.6% on Wednesday . The stock traded as low as $5.59 and last traded at $5.60. Approximately 15,902,511 shares traded hands during trading, a decline of 49% from the average daily volume of 31,246,791 shares. The stock had previously closed at $6.13.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Atb Cap Markets raised TeraWulf to a “strong-buy” rating in a research note on Sunday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price target on shares of TeraWulf in a research note on Monday. B. Riley raised 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. Northland Securities reissued an “outperform” rating and issued a $10.00 price target on shares of TeraWulf in a research report on Tuesday, December 24th. Finally, Needham & Company LLC raised their price objective on TeraWulf from $6.00 to $9.50 and gave the company a “buy” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, TeraWulf currently has an average rating of “Buy” and a consensus price target of $8.64.

TeraWulf Price Performance

The firm has a 50-day moving average of $6.97 and a 200-day moving average of $5.48.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position 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 buying an additional 1,704,013 shares during the last quarter. State Street Corp raised its holdings in shares of TeraWulf by 3.8% during the third quarter. State Street Corp now owns 6,283,196 shares of the company’s stock valued at $29,405,000 after purchasing an additional 227,186 shares during the last quarter. Intech Investment Management LLC bought a new position in TeraWulf during the third quarter valued at approximately $340,000. Barclays PLC boosted its holdings in TeraWulf by 419.7% in the third quarter. Barclays PLC now owns 424,748 shares of the company’s stock worth $1,989,000 after purchasing an additional 343,016 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in TeraWulf by 97.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 844,292 shares of the company’s stock worth $3,757,000 after purchasing an additional 417,369 shares during the period. 62.49% of the stock is 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.