TeraWulf (NASDAQ:WULF) Shares Gap Up After Analyst Upgrade

TeraWulf Inc. (NASDAQ:WULF)’s stock price gapped up prior to trading on Thursday after B. Riley raised their price target on the stock from $8.00 to $10.00. The stock had previously closed at $6.98, but opened at $7.30. B. Riley currently has a buy rating on the stock. TeraWulf shares last traded at $7.10, with a volume of 2,755,241 shares changing hands.

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

Institutional Inflows and Outflows

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

TeraWulf Stock Performance

The stock’s fifty day moving average price is $6.95 and its two-hundred day moving average price is $5.28.

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.