Stardust Power Inc. (NASDAQ:SDST) Sees Significant Drop in Short Interest

Stardust Power Inc. (NASDAQ:SDST) was the target of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totaling 246,800 shares, a decrease of 27.8% from the September 30th total of 341,600 shares. Based on an average daily volume of 334,100 shares, the days-to-cover ratio is presently 0.7 days. Approximately 3.1% of the shares of the stock are sold short. Approximately 3.1% of the shares of the stock are sold short. Based on an average daily volume of 334,100 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SDST. Landscape Capital Management L.L.C. bought a new position in Stardust Power in the 1st quarter valued at approximately $160,000. Armistice Capital LLC bought a new position in Stardust Power in the 1st quarter valued at approximately $2,134,000. Finally, Warberg Asset Management LLC bought a new position in Stardust Power in the 2nd quarter valued at approximately $35,000. Institutional investors own 32.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SDST. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Stardust Power in a research report on Wednesday, October 8th. Wall Street Zen cut shares of Stardust Power to a “strong sell” rating in a research report on Saturday, September 13th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.17.

Stardust Power Stock Performance

NASDAQ SDST opened at $3.97 on Tuesday. The firm’s fifty day moving average price is $3.89 and its two-hundred day moving average price is $4.27. The stock has a market cap of $33.59 million, a PE ratio of -0.71 and a beta of 0.23. Stardust Power has a fifty-two week low of $1.42 and a fifty-two week high of $79.70.

Stardust Power (NASDAQ:SDST) last posted its earnings results on Wednesday, August 13th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.30). As a group, sell-side analysts predict that Stardust Power will post -0.63 earnings per share for the current fiscal year.

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.