TeraWulf (NASDAQ:WULF) Shares Down 6% – What’s Next?

TeraWulf Inc. (NASDAQ:WULF)’s share price dropped 6% during trading on Tuesday . The stock traded as low as $6.80 and last traded at $6.85. Approximately 7,409,702 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 21,337,322 shares. The stock had previously closed at $7.29.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on WULF shares. Rosenblatt Securities restated a “buy” rating and set a $10.00 price target on shares of TeraWulf in a research note on Thursday, December 5th. Needham & Company LLC increased their price objective on TeraWulf from $6.00 to $9.50 and gave the company a “buy” rating in a report on Wednesday, November 13th. Stifel Canada downgraded TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price target on shares of TeraWulf in a report on Wednesday, December 4th. Finally, B. Riley restated a “buy” rating and set a $6.00 price objective on shares of TeraWulf in a research note on Monday, October 7th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $8.07.

TeraWulf Stock Up 7.3 %

The firm’s 50 day moving average is $6.51 and its 200-day moving average is $5.05.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its holdings in TeraWulf by 16.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 45,082 shares of the company’s stock worth $119,000 after purchasing an additional 6,450 shares during the period. SG Americas Securities LLC raised its stake in shares of TeraWulf by 260.8% during the 2nd quarter. SG Americas Securities LLC now owns 193,304 shares of the company’s stock worth $860,000 after buying an additional 139,722 shares during the period. Dynamic Advisor Solutions LLC purchased a new position in shares of TeraWulf during the 2nd quarter valued at approximately $101,000. Wealth Enhancement Advisory Services LLC grew its stake in TeraWulf by 20.2% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 457,175 shares of the company’s stock valued at $2,034,000 after acquiring an additional 76,714 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings 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 acquiring an additional 417,369 shares in the last quarter. Institutional investors and hedge funds 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.