TeraWulf (NASDAQ:WULF) Shares Down 8.6% - Should You Sell?

TeraWulf Inc. (NASDAQ:WULF - Get Free Report)'s stock price fell 8.6% during mid-day trading on Wednesday . The stock traded as low as $5.59 and last traded at $5.60. 15,902,511 shares changed hands during trading, a decline of 49% from the average session volume of 31,246,791 shares. The stock had previously closed at $6.13.

Analysts Set New Price Targets

A number of brokerages recently commented on WULF. Rosenblatt Securities reissued a "buy" rating and issued a $10.00 price objective on shares of TeraWulf in a research note on Thursday, December 5th. Keefe, Bruyette & Woods started coverage on TeraWulf in a report on Wednesday. They issued a "market perform" rating for the company. Needham & Company LLC increased their price objective on TeraWulf from $6.00 to $9.50 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Stifel Canada lowered TeraWulf from a "strong-buy" rating to a "moderate buy" rating in a research note on Tuesday, October 29th. Finally, Northland Securities reissued an "outperform" rating and issued a $10.00 price target on shares of TeraWulf in a research note on Tuesday, December 24th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, TeraWulf currently has an average rating of "Buy" and a consensus target price of $8.64.

TeraWulf Trading Down 10.1 %

The firm's 50-day moving average price is $6.94 and its 200 day moving average price is $5.48.

Institutional Investors Weigh In On TeraWulf

Several institutional investors have recently bought and sold shares of WULF. FMR LLC boosted its position in shares of TeraWulf by 22.0% during the 3rd quarter. FMR LLC now owns 7,803 shares of the company's stock valued at $37,000 after purchasing an additional 1,408 shares in the last quarter. Chesapeake Capital Corp IL boosted its position in TeraWulf by 6.6% during the 3rd quarter. Chesapeake Capital Corp IL now owns 27,500 shares of the company's stock worth $136,000 after acquiring an additional 1,700 shares during the period. Amalgamated Bank increased its stake 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. Victory Capital Management Inc. boosted its stake in shares of TeraWulf by 13.3% during the 3rd quarter. Victory Capital Management Inc. now owns 34,866 shares of the company's stock valued at $163,000 after buying an additional 4,093 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of TeraWulf by 4.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 110,251 shares of the company's stock valued at $516,000 after acquiring an additional 4,756 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.