TeraWulf Inc. (NASDAQ:WULF) stock gave up early gains Monday after climbing to a fresh 52-week high, as investors locked in profits following the stock’s recent rally.
The stock touched an intraday high of $29.84 before reversing lower.
Short Interest Metrics Shift
The downward movement comes alongside changes in the company’s short interest. During the last reporting period, short interest in TeraWulf decreased from 110.27 million to 108.78 million shares.
This volume represents 25.85% of the company’s publicly available shares sold short. Based on the recent average daily trading volume of 27.07 million shares, short sellers would require 4.02 days to close out their positions.
BofA Securities Highlights Pipeline
Recently, Bank of America Securities analyst Michael Funk initiated coverage on the stock with a Buy rating and a $34 price forecast. The target is built on a 9.5x EV-to-revenue multiple applied to Funk’s 2028 revenue forecast.
He projected the company’s capacity pipeline to grow from 60 megawatts to over 1 gigawatt, tracking a pivot toward high-performance computing infrastructure.
Operational Milestones And Risks
The BofA Securities report, published on June 15, noted that TeraWulf’s contracted capacity totaled 522 megawatts in the first quarter of 2026 across its Lake Mariner and Abernathy sites.
Funk identified financing access, construction delays, and tenant timing as key risks, estimating that a 10% to 20% slowdown in megawatt delivery would lower 2028 revenue by 6% to 12%.
Critical Technical Levels for WULF to Watch
From a trend perspective, the chart remains firmly bullish: WULF is trading 8.6% above its 20-day SMA ($26.12), 21.3% above its 50-day SMA ($23.39), 46.1% above its 100-day SMA ($19.42), and 75.5% above its 200-day SMA ($16.17).
The 20-day SMA above the 50-day SMA keeps the near-term trend pointed up, and the golden cross (50-day above 200-day) reinforces the longer-term uptrend that’s been in place since August 2025.
WULF Stock Price Activity: TeraWulf shares were down 1.74% at $28.48 at the time of publication on Monday, according to Benzinga Pro data.
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