Stardust Power (NASDAQ:SDST) Issues Earnings Results, Beats Estimates By $0.04 EPS

Stardust Power (NASDAQ:SDST) released its quarterly earnings results on Thursday. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.04, FiscalAI reports.

Here are the key takeaways from Stardust Power’s conference call:

• Stardust Power advanced engineering and site-readiness work at its Muskogee refinery, including geotechnical and subsurface investigations; key construction and commissioning permits are already in place.
• The company was selected as an industrial partner in a U.S. Department of Energy-funded research initiative with Ohio University focused on next-generation lithium extraction and potential domestic feedstock sources.
• Commercial discussions with prospective feedstock suppliers, offtake customers, government stakeholders, and strategic financing partners remain active, but management announced no material developments and said construction financing remains its highest priority.
• Stardust Power remains pre-revenue and had only approximately $0.5 million in cash at June 30, down from $3.5 million at year-end; management said additional equity, debt, or other financing will be needed to meet the next 12 months of requirements.
• The company raised capital through equity facilities, including approximately $1.35 million from its equity line and $161,000 from its ATM during the quarter, while continuing to evaluate alternatives related to Nasdaq minimum market-value requirements, creating potential dilution and listing risk.

Stardust Power Stock Performance

Stardust Power stock traded up $0.03 during mid-day trading on Friday, reaching $0.71. 158,638 shares of the company were exchanged, compared to its average volume of 464,042. The firm’s 50-day simple moving average is $1.47 and its two-hundred day simple moving average is $2.42. Stardust Power has a twelve month low of $0.50 and a twelve month high of $7.67. The firm has a market cap of $7.50 million, a PE ratio of -0.35 and a beta of 0.60.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Wall Street Zen downgraded Stardust Power from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Stardust Power in a report on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Stardust Power has a consensus rating of “Sell”.

Insider Activity

In related news, COO Chris Edward Celano sold 25,975 shares of Stardust Power stock in a transaction 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 in the company, valued at $209,885.15. This trade represents a 20.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Udaychandra Devasper sold 35,776 shares of Stardust Power stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $2.03, for a total transaction of $72,625.28. Following the completion of the transaction, the chief financial officer owned 121,611 shares in the company, valued at approximately $246,870.33. This trade represents a 22.73% decrease in their ownership of the stock. 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 90 days, insiders have sold 169,233 shares of company stock valued at $358,988. Company insiders own 34.51% of the company’s stock.

Institutional Trading of Stardust Power

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

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.