Aeluma (NASDAQ:ALMU) Earns Buy Rating from Benchmark

Aeluma (NASDAQ:ALMU)‘s stock had its “buy” rating reissued by equities researchers at Benchmark in a note issued to investors on Tuesday, MarketBeat reports. They currently have a $25.00 price objective on the stock. Benchmark’s price target would indicate a potential upside of 36.17% from the company’s current price.

ALMU has been the subject of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Aeluma in a research note on Wednesday, January 21st. Wall Street Zen lowered Aeluma from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Aeluma presently has an average rating of “Moderate Buy” and a consensus price target of $25.33.

Aeluma Trading Down 4.8%

NASDAQ ALMU opened at $18.36 on Tuesday. Aeluma has a 12-month low of $5.79 and a 12-month high of $25.88. The company has a fifty day simple moving average of $17.63 and a two-hundred day simple moving average of $16.94. The stock has a market cap of $331.40 million and a P/E ratio of -131.13.

Insider Activity

In other news, Director Steven Denbaars sold 12,500 shares of the company’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $17.58, for a total value of $219,750.00. Following the sale, the director owned 397,588 shares in the company, valued at $6,989,597.04. This represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Mark N. Tompkins sold 34,500 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $14.71, for a total value of $507,495.00. Following the sale, the insider directly owned 1,790,488 shares in the company, valued at approximately $26,338,078.48. This trade represents a 1.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 467,000 shares of company stock worth $7,772,595 over the last ninety days. 14.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ALMU. Geode Capital Management LLC acquired a new stake in shares of Aeluma during the 2nd quarter worth approximately $3,850,000. Vanguard Group Inc. lifted its stake in shares of Aeluma by 98.1% in 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 period. Polar Asset Management Partners Inc. purchased a new stake in Aeluma during the third quarter worth $3,398,000. Millennium Management LLC acquired a new stake in Aeluma during the third quarter valued at $3,392,000. Finally, State Street Corp grew its position in Aeluma by 34.0% during the fourth quarter. State Street Corp now owns 213,405 shares of the company’s stock valued at $3,664,000 after buying an additional 54,184 shares during the period.

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.