Short Interest in Stardust Power Inc. (NASDAQ:SDST) Decreases By 40.3%

Stardust Power Inc. (NASDAQ:SDST) was the target of a significant drop in short interest during the month of May. As of May 29th, there was short interest totaling 283,131 shares, a drop of 40.3% from the May 14th total of 474,017 shares. Approximately 6.0% of the shares of the company are short sold. Based on an average trading volume of 116,779 shares, the short-interest ratio is currently 2.4 days.

Analysts Set New Price Targets

SDST has been the topic of several research analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Stardust Power in a research note on Tuesday, April 21st. Wall Street Zen downgraded shares of Stardust Power from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Stardust Power Stock Up 1.1%

SDST traded up $0.02 during trading on Monday, reaching $1.86. 68,889 shares of the company’s stock were exchanged, compared to its average volume of 292,659. Stardust Power has a fifty-two week low of $1.43 and a fifty-two week high of $7.67. The business has a 50 day moving average price of $2.44 and a 200 day moving average price of $3.07. The company has a market capitalization of $19.68 million, a P/E ratio of -0.93 and a beta of 0.50.

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

Insider Activity at Stardust Power

In other news, CFO Udaychandra Devasper sold 35,776 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $2.03, for a total value of $72,625.28. Following the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $2.05, for a total transaction of $53,248.75. Following the completion of the sale, the chief operating officer owned 102,383 shares in the company, valued at approximately $209,885.15. The trade was a 20.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 191,219 shares of company stock worth $411,305. Insiders own 55.30% of the company’s stock.

Institutional Investors Weigh In On Stardust Power

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in Stardust Power by 40.3% during the fourth quarter. Geode Capital Management LLC now owns 59,143 shares of the company’s stock worth $181,000 after buying an additional 16,989 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in shares of Stardust Power in the 4th quarter valued at $69,000. Finally, State Street Corp acquired a new stake in shares of Stardust Power in the 4th quarter valued at $44,000. Institutional investors and hedge funds own 32.79% of the company’s stock.

Stardust Power Company Profile

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.