TeraWulf (NASDAQ:WULF) Stock Price Down 5.9%

TeraWulf Inc. (NASDAQ:WULF) dropped 5.9% during mid-day trading on Wednesday . The company traded as low as $2.53 and last traded at $2.55. Approximately 15,599,352 shares changed hands during trading, a decline of 21% from the average daily volume of 19,838,338 shares. The stock had previously closed at $2.71.

Wall Street Analyst Weigh In

Several research firms have weighed in on WULF. Cantor Fitzgerald reissued an “overweight” rating and issued a $4.00 price target on shares of TeraWulf in a research note on Thursday, March 28th. Rosenblatt Securities initiated coverage on shares of TeraWulf in a research note on Tuesday, April 9th. They set a “buy” rating and a $4.20 price objective for the company. Compass Point lowered their price objective on shares of TeraWulf from $4.50 to $3.50 and set a “buy” rating for the company in a research note on Thursday, March 21st. Finally, B. Riley reduced their price target on shares of TeraWulf from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $3.66.

TeraWulf Trading Down 7.0 %

The stock’s fifty day moving average price is $2.18 and its 200 day moving average price is $1.77.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in TeraWulf by 126.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,457,169 shares of the company’s stock valued at $5,897,000 after purchasing an additional 1,372,195 shares during the period. Platform Technology Partners bought a new position in TeraWulf during the third quarter valued at approximately $416,000. Quadrature Capital Ltd bought a new position in TeraWulf in the third quarter worth approximately $144,000. Swiss National Bank bought a new position in TeraWulf in the third quarter worth approximately $294,000. Finally, Van ECK Associates Corp raised its position in TeraWulf by 3.0% in the third quarter. Van ECK Associates Corp now owns 2,434,668 shares of the company’s stock worth $3,068,000 after acquiring an additional 70,110 shares during the period. 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.