TeraWulf (NASDAQ:WULF) Trading 10.4% Higher – What’s Next?

TeraWulf Inc. (NASDAQ:WULF) shot up 10.4% during mid-day trading on Wednesday . The company traded as high as $6.23 and last traded at $6.15. 7,391,952 shares changed hands during trading, a decline of 75% from the average session volume of 30,063,967 shares. The stock had previously closed at $5.57.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WULF. Atb Cap Markets upgraded shares of TeraWulf to a “strong-buy” rating in a research report on Sunday, January 5th. Rosenblatt Securities reissued a “buy” rating and set a $10.00 price target on shares of TeraWulf in a research note on Monday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price objective on shares of TeraWulf in a research report on Monday, January 6th. Needham & Company LLC restated a “buy” rating and issued a $9.50 target price on shares of TeraWulf in a report on Monday. Finally, Northland Securities reissued an “outperform” rating and set a $10.00 price target on shares of TeraWulf in a research report on Tuesday, December 24th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, TeraWulf has a consensus rating of “Buy” and an average target price of $8.64.

TeraWulf Trading Up 12.9 %

The stock has a fifty day simple moving average of $6.88 and a 200 day simple moving average of $5.52.

Institutional Investors Weigh In On TeraWulf

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in shares of TeraWulf by 22.0% during the 3rd quarter. FMR LLC now owns 7,803 shares of the company’s stock worth $37,000 after purchasing an additional 1,408 shares during the period. Chesapeake Capital Corp IL raised its holdings in shares of TeraWulf by 6.6% in the third quarter. Chesapeake Capital Corp IL now owns 27,500 shares of the company’s stock worth $136,000 after buying an additional 1,700 shares during the period. Amalgamated Bank lifted its position in shares of TeraWulf by 57.7% during the second quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock worth $35,000 after purchasing an additional 2,912 shares during the last quarter. Victory Capital Management Inc. grew its stake in TeraWulf by 13.3% in the 3rd quarter. Victory Capital Management Inc. now owns 34,866 shares of the company’s stock worth $163,000 after acquiring an additional 4,093 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of TeraWulf by 4.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 110,251 shares of the company’s stock worth $516,000 after purchasing an additional 4,756 shares during the period. 62.49% of the stock is currently owned by hedge funds and other 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.