TeraWulf (NASDAQ:WULF) Trading 5.5% Higher – Should You Buy?

TeraWulf Inc. (NASDAQ:WULF) was up 5.5% during mid-day trading on Friday . The stock traded as high as $5.78 and last traded at $5.76. Approximately 2,182,676 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 20,711,676 shares. The stock had previously closed at $5.46.

Wall Street Analyst Weigh In

WULF has been the topic of several research reports. Northland Securities reaffirmed an “outperform” rating and set a $10.00 price objective on shares of TeraWulf in a report on Tuesday, December 24th. Stifel Canada lowered TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, October 29th. Needham & Company LLC boosted 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. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 target price on shares of TeraWulf in a research report on Wednesday, December 4th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $10.00 price target on shares of TeraWulf in a research note on Thursday, December 5th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $8.64.

TeraWulf Trading Up 13.9 %

The company has a fifty day moving average of $6.99 and a two-hundred day moving average of $5.45.

Institutional Trading of TeraWulf

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in shares of TeraWulf by 97.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 844,292 shares of the company’s stock valued at $3,757,000 after buying an additional 417,369 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in TeraWulf in the second quarter valued at $250,000. Principal Financial Group Inc. boosted its position in shares of TeraWulf by 75.6% during the 2nd quarter. Principal Financial Group Inc. now owns 30,529 shares of the company’s stock worth $136,000 after purchasing an additional 13,142 shares in the last quarter. Rhumbline Advisers boosted its position in shares of TeraWulf by 66.8% during the 2nd quarter. Rhumbline Advisers now owns 299,545 shares of the company’s stock worth $1,333,000 after purchasing an additional 119,911 shares in the last quarter. Finally, Arizona State Retirement System acquired a new position in shares of TeraWulf during the 2nd quarter worth $282,000. Hedge funds and other institutional investors 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.