Aeluma (NASDAQ:ALMU) Shares Up 11.4% – Here’s Why

Aeluma, Inc. (NASDAQ:ALMU)’s share price shot up 11.4% during trading on Thursday . The stock traded as high as $24.93 and last traded at $24.84. 866,697 shares traded hands during trading, a decline of 25% from the average session volume of 1,156,341 shares. The stock had previously closed at $22.30.

Analyst Ratings Changes

Several research firms have commented on ALMU. Wall Street Zen cut shares of Aeluma from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Freedom Capital raised shares of Aeluma to a “strong-buy” rating in a research note on Tuesday, March 31st. Williams Trading set a $25.00 target price on shares of Aeluma in a research note on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Aeluma in a research note on Monday, April 20th. Finally, UBS Group reissued a “buy” rating on shares of Aeluma in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.33.

Aeluma Stock Performance

The company has a market capitalization of $454.70 million, a price-to-earnings ratio of -70.97 and a beta of 3.94. The stock’s fifty day simple moving average is $20.58 and its two-hundred day simple moving average is $17.82.

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

Insider Transactions at Aeluma

In other Aeluma news, Director Steven Denbaars sold 12,500 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $19.99, for a total value of $249,875.00. Following the completion of the sale, the director directly owned 382,709 shares of the company’s stock, valued at approximately $7,650,352.91. This represents a 3.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $24.96, for a total transaction of $499,200.00. Following the completion of the sale, the chief executive officer directly owned 2,403 shares of the company’s stock, valued at $59,978.88. The trade was a 89.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 52,500 shares of company stock valued at $1,011,075 over the last three months. 14.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Aeluma

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE increased its stake in Aeluma by 17.7% in the 1st quarter. Bank of America Corp DE now owns 15,929 shares of the company’s stock worth $209,000 after purchasing an additional 2,399 shares in the last quarter. Polar Asset Management Partners Inc. increased its stake in Aeluma by 0.8% in the 1st quarter. Polar Asset Management Partners Inc. now owns 91,030 shares of the company’s stock worth $1,192,000 after purchasing an additional 747 shares in the last quarter. GatePass Capital LLC purchased a new position in Aeluma in the 1st quarter worth about $262,000. Wealthfront Advisers LLC purchased a new position in shares of Aeluma in the first quarter worth approximately $212,000. Finally, Fortitude Advisory Group L.L.C. purchased a new position in shares of Aeluma in the first quarter worth approximately $464,000.

About Aeluma

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.