Stardust Power (NASDAQ:SDST) Shares Up 6.5% – Time to Buy?

Stardust Power Inc. (NASDAQ:SDST)’s stock price rose 6.5% during mid-day trading on Thursday . The company traded as high as $1.87 and last traded at $1.79. 743,210 shares changed hands during trading, an increase of 354% from the average daily volume of 163,857 shares. The stock had previously closed at $1.68.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SDST shares. Wall Street Zen downgraded Stardust Power from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Stardust Power in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Stardust Power has an average rating of “Sell”.

Stardust Power Trading Down 3.9%

The stock’s fifty day moving average is $2.03 and its 200 day moving average is $2.83. The company has a market capitalization of $18.20 million, a P/E ratio of -0.86 and a beta of 0.55.

Stardust Power (NASDAQ:SDST) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.14).

Insider Transactions at Stardust Power

In related news, CFO Udaychandra Devasper sold 35,776 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $2.03, for a total transaction of $72,625.28. Following the transaction, the chief financial officer owned 121,611 shares in the company, valued at $246,870.33. The trade was a 22.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Chris Edward Celano sold 25,975 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $2.05, for a total value of $53,248.75. Following the transaction, the chief operating officer directly owned 102,383 shares of the company’s stock, valued at $209,885.15. The trade was a 20.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 169,233 shares of company stock worth $358,988. Company insiders own 55.30% of the company’s stock.

Hedge Funds Weigh In On Stardust Power

Several hedge funds have recently made changes to their positions in the business. State Street Corp bought a new position in shares of Stardust Power during the fourth quarter valued at approximately $44,000. Geode Capital Management LLC lifted its stake in Stardust Power by 40.3% in the fourth quarter. Geode Capital Management LLC now owns 59,143 shares of the company’s stock worth $181,000 after acquiring an additional 16,989 shares during the period. Finally, Price T Rowe Associates Inc. MD bought a new stake in Stardust Power in the fourth quarter valued at $69,000. 32.79% of the stock is owned by hedge funds and other institutional investors.

About Stardust Power

Stardust Power Inc is a vertically-integrated lithium refinery that engages in producing battery-grade lithium. The company was founded in 2022 and is based in Greenwich, Connecticut.