Aeluma (NASDAQ:ALMU) Stock Price Down 7.9% – Here’s Why

Shares of Aeluma, Inc. (NASDAQ:ALMU) fell 7.9% during trading on Tuesday . The company traded as low as $21.02 and last traded at $22.56. 1,294,957 shares traded hands during mid-day trading, an increase of 12% from the average session volume of 1,160,142 shares. The stock had previously closed at $24.49.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ALMU. Weiss Ratings reiterated a “sell (d-)” rating on shares of Aeluma in a research note on Monday, April 20th. Williams Trading set 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. Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Aeluma in a research note on Tuesday, March 3rd. Finally, Freedom Capital upgraded shares of Aeluma to a “strong-buy” rating in a research note on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Aeluma has a consensus rating of “Moderate Buy” and an average target price of $25.33.

Aeluma Stock Down 7.9%

The firm has a market capitalization of $413.07 million, a PE ratio of -64.46 and a beta of 3.97. The stock’s fifty day simple moving average is $20.18 and its 200 day simple moving average is $17.68.

Aeluma (NASDAQ:ALMU) last announced its earnings results on Wednesday, May 13th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Aeluma had a negative net margin of 115.57% and a negative return on equity of 12.03%. The business had revenue of $1.22 million during the quarter, compared to analysts’ expectations of $1.37 million.

Insider Buying and Selling

In other news, CEO Jonathan Klamkin sold 20,000 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $24.96, for a total value of $499,200.00. Following the completion of the sale, the chief executive officer directly owned 2,403 shares of the company’s stock, valued at $59,978.88. This represents a 89.27% decrease in their ownership of the stock. The sale 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 stock in a transaction on Tuesday, May 19th. The stock was 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. This trade represents a 3.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 52,500 shares of company stock valued at $1,011,075. 14.70% of the stock is owned by corporate insiders.

Institutional Trading of Aeluma

A number of hedge funds and other institutional investors have recently modified their holdings of ALMU. Geode Capital Management LLC purchased a new stake in shares of Aeluma in the second quarter worth $3,850,000. Cetera Investment Advisers purchased a new stake in shares of Aeluma in the second quarter worth $613,000. JPMorgan Chase & Co. purchased a new stake in shares of Aeluma in the second quarter worth $74,000. Rhumbline Advisers purchased a new stake in shares of Aeluma in the second quarter worth $228,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of Aeluma in the second quarter worth $111,000.

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.