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

TeraWulf Inc. (NASDAQ:WULF)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $6.72, but opened at $6.97. TeraWulf shares last traded at $6.77, with a volume of 1,845,774 shares traded.

Analyst Ratings Changes

WULF has been the subject of several research analyst reports. Stifel Canada cut TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, October 29th. Northland Securities boosted their price target on shares of TeraWulf from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Needham & Company LLC increased their price objective 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 restated a “buy” rating and issued a $6.00 target price on shares of TeraWulf in a report on Monday, October 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $10.00 price target on shares of TeraWulf in a report on Thursday, December 5th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $8.07.

TeraWulf Stock Performance

The company has a 50-day simple moving average of $6.45 and a 200-day simple moving average of $5.03.

Hedge Funds Weigh In On TeraWulf

Hedge funds have recently bought and sold shares of the business. Aspect Partners LLC bought a new stake in shares of TeraWulf during the third quarter worth $26,000. Amalgamated Bank boosted its position in TeraWulf by 57.7% in the 2nd 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 period. FMR LLC boosted its position in TeraWulf by 22.0% in the 3rd quarter. FMR LLC now owns 7,803 shares of the company’s stock valued at $37,000 after buying an additional 1,408 shares during the period. KBC Group NV bought a new position in TeraWulf in the 3rd quarter worth about $39,000. Finally, Pekin Hardy Strauss Inc. purchased a new position in shares of TeraWulf during the second quarter worth approximately $44,000. Institutional investors 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.