Stardust Power (NASDAQ:SDST) Shares Up 6.5% – Time to Buy?

Shares of Stardust Power Inc. (NASDAQ:SDST) shot up 6.5% during trading on Thursday . The company traded as high as $1.87 and last traded at $1.79. Approximately 743,210 shares changed hands during trading, an increase of 354% from the average session volume of 163,857 shares. The stock had previously closed at $1.68.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SDST. Wall Street Zen lowered shares of Stardust Power from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Stardust Power in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Stardust Power Stock Up 6.5%

The company has a market cap of $18.94 million, a price-to-earnings ratio of -0.90 and a beta of 0.55. The company has a fifty day simple moving average of $2.05 and a two-hundred day simple moving average of $2.84.

Stardust Power (NASDAQ:SDST) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.14).

Insiders Place Their Bets

In other Stardust Power news, CFO Udaychandra Devasper sold 35,776 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $2.03, for a total value of $72,625.28. Following the sale, the chief financial officer owned 121,611 shares of the company’s stock, valued at $246,870.33. This represents a 22.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Chris Edward Celano sold 25,975 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $2.05, for a total transaction of $53,248.75. Following the completion of the sale, the chief operating officer directly owned 102,383 shares in the company, valued at $209,885.15. This trade represents a 20.24% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 169,233 shares of company stock worth $358,988. Insiders own 55.30% of the company’s stock.

Institutional Investors Weigh In On Stardust Power

A number of large investors have recently bought and sold shares of SDST. Geode Capital Management LLC raised its holdings in shares of Stardust Power by 40.3% in the fourth quarter. Geode Capital Management LLC now owns 59,143 shares of the company’s stock worth $181,000 after acquiring an additional 16,989 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in shares of Stardust Power during the fourth quarter valued at $69,000. Finally, State Street Corp acquired a new stake in shares of Stardust Power during the fourth quarter valued at $44,000. Institutional investors and hedge funds own 32.79% of the company’s stock.

About Stardust Power

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.