TeraWulf (NASDAQ:WULF) Shares Gap Up to $2.13

TeraWulf Inc. (NASDAQ:WULF) gapped up before the market opened on Friday . The stock had previously closed at $2.13, but opened at $2.20. TeraWulf shares last traded at $2.16, with a volume of 2,301,301 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. 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. B. Riley dropped their target price on shares of TeraWulf from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Rosenblatt Securities began coverage on shares of TeraWulf in a research report on Tuesday, April 9th. They issued a “buy” rating and a $4.20 price target on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $4.00 price objective on shares of TeraWulf in a research report on Thursday, March 28th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, TeraWulf currently has an average rating of “Buy” and an average target price of $3.66.

TeraWulf Stock Performance

The firm’s 50-day simple moving average is $2.17 and its two-hundred day simple moving average is $1.73.

Institutional Trading of TeraWulf

A number of hedge funds have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. raised its stake in TeraWulf by 2,542.9% during the first quarter. Advisor Group Holdings Inc. now owns 3,700 shares of the company’s stock worth $31,000 after purchasing an additional 3,560 shares during the period. JPMorgan Chase & Co. acquired a new position in TeraWulf during the 1st quarter worth approximately $524,000. Bank of New York Mellon Corp acquired a new position in TeraWulf during the 1st quarter worth approximately $86,000. HighTower Advisors LLC lifted its position in shares of TeraWulf by 7.0% during the 1st quarter. HighTower Advisors LLC now owns 73,905 shares of the company’s stock worth $621,000 after buying an additional 4,867 shares during the last quarter. Finally, Citigroup Inc. purchased a new stake in shares of TeraWulf during the 1st quarter worth approximately $985,000. 62.49% of the stock is owned by hedge funds and other institutional investors.

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.