TeraWulf (NASDAQ:WULF) Shares Down 4.8% - Here's What Happened

Shares of TeraWulf Inc. (NASDAQ:WULF - Get Free Report) fell 4.8% during trading on Thursday . The stock traded as low as $5.83 and last traded at $5.89. 25,370,539 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 33,525,895 shares. The stock had previously closed at $6.18.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. B. Riley increased their price target on shares of TeraWulf from $8.00 to $10.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Needham & Company LLC restated a "buy" rating and issued a $9.50 price target on shares of TeraWulf in a research report on Monday. Rosenblatt Securities reaffirmed a "buy" rating and set a $10.00 price objective on shares of TeraWulf in a research note on Monday. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $11.00 price objective on shares of TeraWulf in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods initiated coverage on TeraWulf in a report on Wednesday, January 8th. They issued a "market perform" rating on the stock. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $8.64.

TeraWulf Trading Down 5.3 %

The stock has a fifty day moving average of $6.85 and a two-hundred day moving average of $5.52.

Hedge Funds Weigh In On TeraWulf

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

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.

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