Aeluma (NASDAQ:ALMU) Trading Up 8.4% – Here’s What Happened

Aeluma, Inc. (NASDAQ:ALMU)’s stock price was up 8.4% during mid-day trading on Monday . The company traded as high as $25.08 and last traded at $24.49. Approximately 872,775 shares traded hands during trading, a decline of 25% from the average daily volume of 1,158,800 shares. The stock had previously closed at $22.59.

Analysts Set New Price Targets

Several research firms recently issued reports on ALMU. UBS Group reissued a “buy” rating on shares of Aeluma in a research note on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Aeluma in a report on Monday, April 20th. Benchmark restated a “buy” rating and set a $25.00 price target on shares of Aeluma in a report on Tuesday, March 3rd. Wall Street Zen downgraded Aeluma from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Finally, Freedom Capital upgraded Aeluma to a “strong-buy” rating in a report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Aeluma currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.33.

Aeluma Stock Performance

The firm has a market capitalization of $408.31 million, a P/E ratio of -63.71 and a beta of 3.94. The firm has a 50-day moving average of $20.39 and a 200-day moving average of $17.75.

Aeluma (NASDAQ:ALMU) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The business had revenue of $1.22 million for the quarter, compared to analysts’ expectations of $1.37 million. Aeluma had a negative return on equity of 12.03% and a negative net margin of 115.57%.

Insiders Place Their Bets

In other Aeluma news, Director Steven Denbaars sold 12,500 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $19.99, for a total transaction of $249,875.00. Following the completion of the sale, the director directly owned 382,709 shares in the company, valued at approximately $7,650,352.91. The trade was a 3.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jonathan Klamkin sold 20,000 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $24.96, for a total transaction of $499,200.00. Following the sale, the chief executive officer owned 2,403 shares of the company’s stock, valued at approximately $59,978.88. This represents a 89.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 52,500 shares of company stock valued at $1,011,075. Company insiders own 14.70% of the company’s stock.

Institutional Investors Weigh In On Aeluma

A number of hedge funds have recently added to or reduced their stakes in ALMU. Geode Capital Management LLC purchased a new stake in Aeluma during the 2nd quarter valued at $3,850,000. Vanguard Group Inc. raised its stake in Aeluma by 98.1% during the 3rd quarter. Vanguard Group Inc. now owns 438,966 shares of the company’s stock valued at $7,067,000 after buying an additional 217,430 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new stake in Aeluma during the 3rd quarter valued at $3,398,000. Millennium Management LLC purchased a new stake in Aeluma during the 3rd quarter valued at $3,392,000. Finally, State Street Corp raised its stake in Aeluma by 34.0% during the 4th quarter. State Street Corp now owns 213,405 shares of the company’s stock valued at $3,664,000 after buying an additional 54,184 shares during the last quarter.

Aeluma Company Profile

Aeluma, Inc develops optoelectronic and electronic devices in the United States. The company manufactures semiconductor materials and chips using compound semiconductors on diameter substrates that are used to manufacture mass market microelectronics. It offers its devices for use in mobile, automotive, AI, defence and aerospace, communication, AR/VR, and HPC applications, as well as laser emitters, transistors for integrated circuits, quantum photonic circuits, and solar cells applications. Aeluma, Inc was formerly known as Parc Investments, Inc and changed its name to Aeluma, Inc June 2021.