State of New Jersey Common Pension Fund D Makes New Investment in TeraWulf Inc. $WULF

Key Points

• State of New Jersey Common Pension Fund D initiated a new position in TeraWulf during the fourth quarter, buying 179,738 shares worth about $2.1 million.
• TeraWulf is drawing attention for its AI/HPC infrastructure pivot, reporting $21 million in HPC lease revenue and saying its expansion plan remains on track, with a goal of adding 250–500 MW of new contracted capacity annually.
• Despite the strategic progress, the latest quarter showed heavy losses: TeraWulf reported EPS of -$1.01 versus expectations of -$0.19, while revenue of $34.01 million was slightly below estimates and down year over year.

State of New Jersey Common Pension Fund D bought a new position in shares of TeraWulf Inc. (NASDAQ:WULF - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 179,738 shares of the company's stock, valued at approximately $2,065,000.

A number of other institutional investors have also recently added to or reduced their stakes in WULF. Vanguard Group Inc. grew its holdings in TeraWulf by 37.4% during the 4th quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company's stock worth $386,558,000 after acquiring an additional 9,162,958 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of TeraWulf in the 3rd quarter valued at $69,006,000. Wellington Management Group LLP boosted its stake in shares of TeraWulf by 36,193.2% in the 3rd quarter. Wellington Management Group LLP now owns 3,901,878 shares of the company's stock valued at $44,559,000 after purchasing an additional 3,891,127 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of TeraWulf by 22.2% in the 2nd quarter. Bank of America Corp DE now owns 14,392,299 shares of the company's stock valued at $63,038,000 after purchasing an additional 2,617,617 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of TeraWulf in the 3rd quarter valued at $27,220,000. 62.49% of the stock is owned by institutional investors.

TeraWulf News Summary

Here are the key news stories impacting TeraWulf this week:

• Positive Sentiment: TeraWulf said it is making progress on its AI infrastructure pivot, with $21 million in HPC lease revenue and a development timeline that remains on track at WULF Compute. The company also reaffirmed its strategy to add 250–500 MW of new contracted capacity annually. Article Title
• Positive Sentiment: The company closed a $250 million revolving credit facility, giving it added financial flexibility to fund development as it expands its contracted HPC and AI data center business. Article Title
• Neutral Sentiment: Analysts and media coverage noted that the stock is being supported by “AI momentum,” with some investors looking past the weak quarter because of the company’s long-term data center opportunity. Article Title
• Neutral Sentiment: The company is targeting 480 MW online in the second half of 2027 while shifting more of its revenue mix toward contracted HPC revenue, which suggests a longer path to meaningful earnings improvement. Article Title
• Negative Sentiment: Q1 EPS came in at a loss of $1.01 per share, well below the expected loss of $0.17, highlighting much steeper-than-expected losses as TeraWulf invests in its transition. Article Title
• Negative Sentiment: Revenue of $34.01 million only narrowly beat estimates and was slightly lower than a year ago, reinforcing concerns that profitability remains under pressure despite the strategic pivot. Article Title

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of TeraWulf from $24.00 to $23.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 11th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $23.00 price objective on shares of TeraWulf in a research note on Wednesday, April 15th. Oppenheimer upped their price objective on shares of TeraWulf from $20.00 to $25.00 and gave the company an "outperform" rating in a research note on Monday, April 20th. Roth Mkm reaffirmed a "buy" rating and issued a $32.00 price objective on shares of TeraWulf in a research note on Friday, April 17th. Finally, Arete Research assumed coverage on shares of TeraWulf in a research note on Monday, March 23rd. They issued a "buy" rating and a $30.00 price objective on the stock. Twelve analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $25.83.

TeraWulf Price Performance

TeraWulf stock opened at $23.39 on Monday. TeraWulf Inc. has a 1-year low of $2.89 and a 1-year high of $25.76. The firm has a market capitalization of $10.18 billion, a price-to-earnings ratio of -9.43 and a beta of 3.84. The firm's fifty day moving average price is $17.54 and its two-hundred day moving average price is $15.15. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 33.00.

TeraWulf (NASDAQ:WULF - Get Free Report) last announced its earnings results on Friday, May 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.82). The firm had revenue of $34.01 million during the quarter, compared to analysts' expectations of $34.69 million. TeraWulf had a negative net margin of 611.46% and a negative return on equity of 196.13%. The business's revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) EPS. On average, equities research analysts predict that TeraWulf Inc. will post -0.49 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Patrick Fleury sold 26,414 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $16.14, for a total value of $426,321.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael C. Bucella bought 1,665 shares of the stock in a transaction dated Friday, March 20th. The stock was purchased at an average price of $15.04 per share, with a total value of $25,041.60. Following the acquisition, the director owned 280,052 shares of the company's stock, valued at $4,211,982.08. The trade was a 0.60% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders bought 13,094 shares of company stock worth $200,392 and sold 954,200 shares worth $16,390,854. 15.90% of the stock is currently owned by corporate insiders.

About TeraWulf

TeraWulf, Inc NASDAQ: WULF is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.

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