Aeluma (NASDAQ:ALMU) Trading Up 17.2% – What’s Next?

Aeluma, Inc. (NASDAQ:ALMU) shot up 17.2% on Monday . The stock traded as high as $27.60 and last traded at $28.61. 812,007 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 1,012,691 shares. The stock had previously closed at $24.41.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ALMU. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Aeluma in a report on Tuesday, March 3rd. Williams Trading set a $25.00 price objective on shares of Aeluma in a report on Tuesday, March 3rd. Freedom Capital upgraded shares of Aeluma to a “strong-buy” rating in a report on Tuesday, March 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Aeluma in a report on Monday, April 20th. Finally, UBS Group reiterated a “buy” rating on shares of Aeluma in a report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Aeluma has a consensus rating of “Moderate Buy” and a consensus price target of $25.33.

Aeluma Stock Up 15.4%

The company’s fifty day simple moving average is $16.06 and its two-hundred day simple moving average is $16.21. The company has a market capitalization of $507.24 million, a price-to-earnings ratio of -201.27 and a beta of 4.49.

Insider Buying and Selling at Aeluma

In other Aeluma news, CEO Jonathan Klamkin sold 20,000 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $24.96, for a total value of $499,200.00. Following the sale, the chief executive officer directly owned 2,403 shares in the company, valued at approximately $59,978.88. This trade represents a 89.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Denbaars sold 12,500 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $17.58, for a total transaction of $219,750.00. Following the sale, the director owned 397,588 shares in the company, valued at approximately $6,989,597.04. The trade was a 3.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 102,500 shares of company stock worth $1,883,450. Company insiders own 14.70% of the company’s stock.

Institutional Investors Weigh In On Aeluma

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Aeluma during the fourth quarter worth $27,000. Quantbot Technologies LP acquired a new stake in shares of Aeluma during the third quarter worth $29,000. BNP Paribas Financial Markets raised its holdings in shares of Aeluma by 79.2% during the third quarter. BNP Paribas Financial Markets now owns 1,934 shares of the company’s stock worth $31,000 after acquiring an additional 855 shares during the period. Osaic Holdings Inc. acquired a new stake in shares of Aeluma during the second quarter worth $32,000. Finally, State of Wyoming acquired a new stake in shares of Aeluma during the fourth quarter worth $35,000.

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.