Insider Selling: Stardust Power Inc. (NASDAQ:SDST) CFO Sells $20,378.50 in Stock

Stardust Power Inc. (NASDAQ:SDST) CFO Udaychandra Devasper sold 38,450 shares of the firm’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $0.53, for a total transaction of $20,378.50. Following the completion of the transaction, the chief financial officer now directly owns 759,105 shares in the company, valued at $402,325.65. This trade represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Stardust Power Price Performance

Shares of SDST stock opened at $0.19 on Friday. The firm has a 50-day moving average of $0.56 and a 200-day moving average of $1.62. Stardust Power Inc. has a one year low of $0.14 and a one year high of $28.38. The company has a market cap of $11.61 million, a P/E ratio of -0.26 and a beta of 0.35.

Stardust Power (NASDAQ:SDST) last issued its quarterly earnings data on Wednesday, May 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). As a group, research analysts expect that Stardust Power Inc. will post -0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Stardust Power

A hedge fund recently bought a new stake in Stardust Power stock. Armistice Capital LLC acquired a new position in Stardust Power Inc. (NASDAQ:SDST) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,526,000 shares of the company’s stock, valued at approximately $2,134,000. Armistice Capital LLC owned about 7.82% of Stardust Power at the end of the most recent quarter. 32.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SDST shares. B. Riley upgraded shares of Stardust Power to a “strong-buy” rating in a report on Tuesday, April 8th. Maxim Group reissued a “hold” rating on shares of Stardust Power in a report on Tuesday, May 20th. Finally, Roth Mkm restated a “buy” rating and issued a $1.70 target price (down previously from $4.00) on shares of Stardust Power in a report on Wednesday, April 2nd. One research analyst has rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $5.11.

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.