TeraWulf (NASDAQ:WULF) Stock Price Down 5.9%

TeraWulf Inc. (NASDAQ:WULF)’s stock price dropped 5.9% on Wednesday . The stock 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.

Analysts Set New Price Targets

Several brokerages have commented on WULF. Rosenblatt Securities assumed 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 decreased their target price 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $4.00 target price on shares of TeraWulf in a research note on Thursday, March 28th. Finally, B. Riley reduced their price objective on shares of TeraWulf from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $3.66.

TeraWulf Trading Down 7.0 %

The stock’s 50-day simple moving average is $2.18 and its two-hundred day simple moving average is $1.77.

Hedge Funds Weigh In On TeraWulf

A number of large investors have recently added to or reduced their stakes in WULF. Miracle Mile Advisors LLC purchased a new stake in shares of TeraWulf during the first quarter worth $29,000. Apollon Wealth Management LLC purchased a new position in TeraWulf during the fourth quarter worth about $27,000. Partners Capital Investment Group LLP purchased a new position in TeraWulf during the fourth quarter worth about $29,000. Global Retirement Partners LLC purchased a new position in TeraWulf during the fourth quarter worth about $30,000. Finally, Regatta Capital Group LLC purchased a new position in TeraWulf during the fourth quarter worth about $31,000. 62.49% of the stock is currently owned by institutional investors and hedge funds.

TeraWulf Company Profile

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.