TeraWulf Inc. (NASDAQ:WULF) shares are trending Wednesday night.
Shares of the Maryland-based energy and digital infrastructure company rose 2.06% to $23.30 after the bell on Wednesday as Morgan Stanley (NYSE:MS) maintained an Overweight rating on the stock and raised its price target from $66.5 to $72.
Volume Spikes as Investors Pile In
The after-hours surge follows an intraday gain of 12.80%, with WULF closing the regular session at $22.83, according to Benzinga Pro data.
Volume for the session rose to 42.87 million shares, compared with an average daily volume of 31.21 million shares, indicating elevated trading activity.
The stock’s performance reflects the broader strength in the technology sector. The iShares US Technology ETF (NYSE:IYW) is up 22.62% year to date, while the State Street Technology Select Sector SPDR ETF (NYSE:XLK) has gained 25.71% over the same period.
Anthropic Lease Sparks Rally
The positive investor sentiment follows TeraWulf’s Monday announcement of a 20-year lease with Anthropic at its Justified Data campus in Hawesville, Kentucky, expected to generate approximately $19 billion in contracted revenue.
Wall Street also responded swiftly to the news. Needham raised its price target from $28 to $33, while Rosenblatt increased its target from $27 to $30. Both firms kept their Buy ratings.
Trading Metrics, Technical Analysis
TeraWulf has a market capitalization of $11.31 billion. The stock has traded between a 52-week high of $29.84 and a 52-week low of $4.64.
The Relative Strength Index (RSI) of WULF stands at 44.53.
The stock has gained 373.65% over the past 12 months.
Currently, WULF is trading at about 72% of its 52-week range.
With a strong Momentum in the 98th percentile, Benzinga’s Edge Stock Rankings indicate that WULF is experiencing long-term upward movement along with medium and short-term consolidation.
Photo: Piotr Swat/Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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