Aeluma (NASDAQ:ALMU) Stock Price Down 17% – Here’s Why

Aeluma, Inc. (NASDAQ:ALMU) shares dropped 17% during mid-day trading on Friday . The company traded as low as $22.15 and last traded at $22.59. Approximately 1,367,315 shares changed hands during trading, an increase of 18% from the average daily volume of 1,161,330 shares. The stock had previously closed at $27.21.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Freedom Capital raised Aeluma to a “strong-buy” rating in a report on Tuesday, March 31st. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Aeluma in a research report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Aeluma in a research note on Monday, April 20th. 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 target on shares of Aeluma in a report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $25.33.

Aeluma Trading Down 17.0%

The stock has a market cap of $413.62 million, a PE ratio of -64.54 and a beta of 3.94. The firm has a fifty day simple moving average of $19.95 and a two-hundred day simple moving average of $17.56.

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

Insiders Place Their Bets

In other news, Director Steven Denbaars sold 12,500 shares of Aeluma stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $19.99, for a total transaction of $249,875.00. Following the completion of the sale, the director directly owned 382,709 shares of the company’s stock, valued at approximately $7,650,352.91. The trade was a 3.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jonathan Klamkin sold 20,000 shares of the company’s stock in a transaction on Friday, May 1st. The stock was 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 owned 2,403 shares of the company’s stock, valued at $59,978.88. This trade represents a 89.27% 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 sold a total of 52,500 shares of company stock worth $1,011,075 in the last three months. Insiders own 14.70% of the company’s stock.

Institutional Investors Weigh In On Aeluma

Several hedge funds have recently added to or reduced their stakes in ALMU. Vanguard Group Inc. increased its position in shares of Aeluma by 98.1% during the 3rd 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 last quarter. Geode Capital Management LLC lifted its position in Aeluma by 22.5% in the 4th quarter. Geode Capital Management LLC now owns 285,732 shares of the company’s stock worth $4,907,000 after buying an additional 52,565 shares during the last quarter. Apis Capital Advisors LLC lifted its position in Aeluma by 4.8% in the 3rd quarter. Apis Capital Advisors LLC now owns 253,545 shares of the company’s stock worth $4,082,000 after buying an additional 11,545 shares during the last quarter. State Street Corp boosted its stake 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 buying an additional 54,184 shares in the last quarter. Finally, Polar Asset Management Partners Inc. purchased a new stake in Aeluma in the third quarter worth approximately $3,398,000.

About Aeluma

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.