TeraWulf (NASDAQ:WULF) Shares Gap Up – Still a Buy?

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up before the market opened on Wednesday . The stock had previously closed at $6.57, but opened at $6.82. TeraWulf shares last traded at $6.94, with a volume of 2,185,490 shares traded.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on WULF shares. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of TeraWulf in a research note on Thursday, October 3rd. Northland Securities upped their price target on shares of TeraWulf from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Needham & Company LLC raised their price objective 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 lowered shares of TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, October 29th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $5.00 price target on shares of TeraWulf in a research note on Tuesday, October 8th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, TeraWulf presently has a consensus rating of “Buy” and an average target price of $7.21.

TeraWulf Stock Performance

The company has a 50-day moving average of $6.02 and a 200-day moving average of $4.69.

Hedge Funds Weigh In On TeraWulf

A number of institutional investors have recently made changes to their positions in the stock. Aspect Partners LLC purchased a new stake in TeraWulf during the 3rd quarter worth about $26,000. Amalgamated Bank grew its holdings 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 buying an additional 2,912 shares in the last quarter. FMR LLC raised its position in shares of TeraWulf by 22.0% in the third quarter. FMR LLC now owns 7,803 shares of the company’s stock valued at $37,000 after buying an additional 1,408 shares during the last quarter. KBC Group NV purchased a new position in shares of TeraWulf during the third quarter valued at approximately $39,000. Finally, ARS Investment Partners LLC acquired a new stake in TeraWulf during the second quarter worth approximately $44,000. 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.