Aeluma (NASDAQ:ALMU) Shares Up 11.4% – Here’s Why

Aeluma, Inc. (NASDAQ:ALMU)’s stock price shot up 11.4% during trading on Thursday . The company traded as high as $24.93 and last traded at $24.84. 866,697 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 1,156,341 shares. The stock had previously closed at $22.30.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ALMU. Wall Street Zen downgraded Aeluma from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Freedom Capital upgraded Aeluma to a “strong-buy” rating in a research note on Tuesday, March 31st. Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Aeluma in a research note on Tuesday, March 3rd. UBS Group reiterated a “buy” rating on shares of Aeluma in a research note on Tuesday, March 3rd. Finally, Williams Trading set a $25.00 price objective on shares of Aeluma in a research note on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $25.33.

Aeluma Stock Up 11.4%

The stock has a market cap of $454.70 million, a price-to-earnings ratio of -70.97 and a beta of 3.94. The firm’s 50 day moving average is $20.58 and its two-hundred day moving average is $17.82.

Aeluma (NASDAQ:ALMU) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $1.22 million for the quarter, compared to analyst estimates of $1.37 million. Aeluma had a negative net margin of 115.57% and a negative return on equity of 12.03%.

Insider Transactions at Aeluma

In other Aeluma news, CEO Jonathan Klamkin sold 20,000 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $24.96, for a total transaction of $499,200.00. Following the completion of the transaction, the chief executive officer directly owned 2,403 shares of the company’s stock, valued at $59,978.88. The trade was a 89.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Denbaars sold 12,500 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $19.99, for a total transaction of $249,875.00. Following the transaction, the director directly owned 382,709 shares of the company’s stock, valued at $7,650,352.91. The trade was a 3.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 52,500 shares of company stock valued at $1,011,075 over the last three months. 14.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Polar Asset Management Partners Inc. acquired a new position in Aeluma during the 3rd quarter valued at about $3,398,000. Total Clarity Wealth Management Inc. acquired a new position in Aeluma during the 4th quarter valued at about $740,000. Westside Investment Management Inc. boosted its stake in Aeluma by 51.8% during the 4th quarter. Westside Investment Management Inc. now owns 50,300 shares of the company’s stock valued at $864,000 after purchasing an additional 17,165 shares during the period. FNY Investment Advisers LLC boosted its stake in Aeluma by 242.9% during the 3rd quarter. FNY Investment Advisers LLC now owns 2,935 shares of the company’s stock valued at $47,000 after purchasing an additional 2,079 shares during the period. Finally, Apis Capital Advisors LLC boosted its stake in Aeluma by 4.8% during the 3rd quarter. Apis Capital Advisors LLC now owns 253,545 shares of the company’s stock valued at $4,082,000 after purchasing an additional 11,545 shares during the period.

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.