Short Interest in Stardust Power Inc. (NASDAQ:SDST) Drops By 37.8%

Stardust Power Inc. (NASDAQ:SDST) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totaling 332,161 shares, a drop of 37.8% from the July 15th total of 534,184 shares. Approximately 4.8% of the company’s stock are short sold. Based on an average daily volume of 344,417 shares, the short-interest ratio is presently 1.0 days.

Stardust Power Stock Down 4.9%

NASDAQ:SDST traded down $0.03 during trading hours on Tuesday, hitting $0.64. 175,840 shares of the stock were exchanged, compared to its average volume of 460,904. The company has a market capitalization of $6.74 million, a P/E ratio of -0.36 and a beta of 0.61. The company’s 50 day moving average is $1.42 and its two-hundred day moving average is $2.36. Stardust Power has a twelve month low of $0.50 and a twelve month high of $7.67.

Stardust Power (NASDAQ:SDST) last released its earnings results on Thursday, August 13th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.04.

Insider Buying and Selling

In related news, CEO Roshen Pujari sold 102,427 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $2.18, for a total value of $223,290.86. Following the completion of the sale, the chief executive officer directly owned 502,771 shares of the company’s stock, valued at $1,096,040.78. The trade was a 16.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 107,482 shares of company stock valued at $233,114 in the last three months. 34.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Stardust Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp acquired a new stake in shares of Stardust Power in the 4th quarter valued at about $44,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Stardust Power in the fourth quarter valued at about $69,000. Finally, Geode Capital Management LLC boosted its position in shares of 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 during the period. 32.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SDST shares. Weiss Ratings restated a “sell (e+)” rating on shares of Stardust Power in a research note on Friday, July 17th. Wall Street Zen raised shares of Stardust Power from a “strong sell” rating to a “sell” rating in a report on Saturday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has a consensus rating of “Sell”.

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.