TeraWulf (NASDAQ:WULF) Shares Gap Down to $1.94

TeraWulf Inc. (NASDAQ:WULF - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $1.94, but opened at $1.88. TeraWulf shares last traded at $1.89, with a volume of 2,438,855 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Compass Point dropped their price objective on shares of TeraWulf from $4.50 to $3.50 and set a "buy" rating on the stock in a research note on Thursday, March 21st. 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 on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $4.00 price objective on shares of TeraWulf in a research note on Thursday, March 28th. Finally, B. Riley decreased their target price 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 analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $3.66.

TeraWulf Stock Down 3.4 %

The firm's 50-day simple moving average is $2.16 and its 200 day simple moving average is $1.73.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in WULF. Vanguard Group Inc. boosted its holdings in shares of TeraWulf by 5,028.0% in the first quarter. Vanguard Group Inc. now owns 2,248,383 shares of the company's stock valued at $18,886,000 after acquiring an additional 2,204,538 shares in the last quarter. Van ECK Associates Corp grew its position in TeraWulf by 83.4% in the fourth quarter. Van ECK Associates Corp now owns 4,464,309 shares of the company's stock worth $10,714,000 after buying an additional 2,029,641 shares during the last quarter. BlackRock Inc. grew its position in TeraWulf by 107.0% in the first quarter. BlackRock Inc. now owns 3,603,712 shares of the company's stock worth $3,380,000 after buying an additional 1,863,027 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in TeraWulf by 126.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,457,169 shares of the company's stock worth $5,897,000 after buying an additional 1,372,195 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in TeraWulf by 295.2% in the first quarter. Geode Capital Management LLC now owns 1,513,649 shares of the company's stock worth $1,420,000 after buying an additional 1,130,659 shares during the last quarter. 62.49% of the stock is currently owned by institutional investors.

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.