Aeluma (NASDAQ:ALMU) Sets New 52-Week High – Here’s Why

Aeluma, Inc. (NASDAQ:ALMU) shares hit a new 52-week high on Tuesday . The company traded as high as $30.95 and last traded at $28.5210, with a volume of 628132 shares. The stock had previously closed at $28.18.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ALMU shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Aeluma in a research note on Monday, April 20th. Freedom Capital upgraded Aeluma to a “strong-buy” rating in a research note on Tuesday, March 31st. UBS Group reaffirmed a “buy” rating on shares of Aeluma in a research report on Tuesday, March 3rd. Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Aeluma in a research note on Tuesday, March 3rd. Finally, Williams Trading set a $25.00 target price on 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.33.

Aeluma Trading Down 15.4%

The firm has a market capitalization of $479.78 million, a P/E ratio of -190.34 and a beta of 4.49. The business’s 50 day simple moving average is $17.09 and its two-hundred day simple moving average is $16.62.

Aeluma (NASDAQ:ALMU) last issued its earnings results on Wednesday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. Aeluma had a negative net margin of 52.48% and a negative return on equity of 8.15%. The firm had revenue of $1.22 million for the quarter, compared to the consensus estimate of $1.37 million.

Insider Activity at Aeluma

In related news, Director Steven Denbaars sold 12,500 shares of the 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 directly owned 397,588 shares of the company’s stock, valued at $6,989,597.04. This trade represents a 3.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jonathan Klamkin sold 50,000 shares of Aeluma stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.05, for a total value of $902,500.00. Following the completion of the sale, the chief executive officer owned 1,429,398 shares of the company’s stock, valued at $25,800,633.90. The trade was a 3.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 102,500 shares of company stock worth $1,883,450 over the last ninety days. 14.70% of the stock is currently owned by insiders.

Institutional Trading of Aeluma

A number of institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC bought a new stake in shares of Aeluma in the second quarter worth approximately $3,850,000. Vanguard Group Inc. lifted its position in Aeluma by 98.1% during the third quarter. Vanguard Group Inc. now owns 438,966 shares of the company’s stock valued at $7,067,000 after purchasing an additional 217,430 shares during the period. Polar Asset Management Partners Inc. bought a new position in Aeluma during the third quarter valued at approximately $3,398,000. Millennium Management LLC purchased a new stake in Aeluma in the third quarter worth approximately $3,392,000. Finally, State Street Corp boosted its holdings in Aeluma by 34.0% in the fourth quarter. State Street Corp now owns 213,405 shares of the company’s stock worth $3,664,000 after purchasing an additional 54,184 shares during the last quarter.

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.