TeraWulf (NASDAQ:WULF) Trading Down 3.8% Following Analyst Downgrade

Shares of TeraWulf Inc. (NASDAQ:WULF) dropped 3.8% on Monday after B. Riley lowered their price target on the stock from $4.00 to $3.00. B. Riley currently has a buy rating on the stock. TeraWulf traded as low as $2.20 and last traded at $2.26. Approximately 8,717,802 shares changed hands during trading, a decline of 57% from the average daily volume of 20,503,146 shares. The stock had previously closed at $2.35.

Other research analysts have also recently issued research reports about the stock. Compass Point lowered their target price 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. Cantor Fitzgerald reissued an “overweight” rating and set a $4.00 price target on shares of TeraWulf in a report on Thursday, March 28th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $3.66.

Hedge Funds Weigh In On TeraWulf

Institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System grew its holdings in TeraWulf by 202.0% during the 1st quarter. California State Teachers Retirement System now owns 26,137 shares of the company’s stock valued at $25,000 after buying an additional 17,482 shares in the last quarter. Citigroup Inc. grew its holdings in shares of TeraWulf by 17,705.9% in the second quarter. Citigroup Inc. now owns 15,135 shares of the company’s stock valued at $26,000 after purchasing an additional 15,050 shares in the last quarter. Apollon Wealth Management LLC purchased a new position in shares of TeraWulf in the fourth quarter valued at $27,000. Partners Capital Investment Group LLP bought a new stake in TeraWulf in the fourth quarter worth $29,000. Finally, Franklin Resources Inc. purchased a new stake in TeraWulf during the fourth quarter valued at $29,000. 62.49% of the stock is owned by hedge funds and other institutional investors.

TeraWulf Stock Performance

The company’s 50-day simple moving average is $2.13 and its 200 day simple moving average is $1.70.

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.