Aeluma (NASDAQ:ALMU) Stock Price Down 17% – What’s Next?

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

Analysts Set New Price Targets

Several brokerages recently commented on ALMU. Wall Street Zen cut Aeluma from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Freedom Capital raised Aeluma to a “strong-buy” rating in a research report on Tuesday, March 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Aeluma in a research report on Monday, April 20th. UBS Group reissued a “buy” rating on shares of Aeluma in a research report on Tuesday, March 3rd. Finally, Williams Trading set a $25.00 price target on Aeluma in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Aeluma currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.33.

Aeluma Stock Down 17.0%

The firm has a 50 day simple moving average of $19.75 and a 200-day simple moving average of $17.53. The stock has a market cap of $413.51 million, a P/E ratio of -64.54 and a beta of 3.94.

Aeluma (NASDAQ:ALMU) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $1.22 million for 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%.

Insider Buying and Selling

In other news, Director Steven Denbaars sold 12,500 shares of the stock in a transaction that occurred 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 transaction, the director owned 382,709 shares in the company, valued at approximately $7,650,352.91. This trade represents a 3.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $24.96, for a total value of $499,200.00. Following the transaction, the chief executive officer owned 2,403 shares in the company, valued at approximately $59,978.88. This trade represents a 89.27% decrease in their position. 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. In the last quarter, insiders have sold 52,500 shares of company stock worth $1,011,075. 14.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Aeluma

Large investors have recently made changes to their positions in the company. Polar Asset Management Partners Inc. bought a new position in shares of Aeluma during the third quarter worth approximately $3,398,000. Total Clarity Wealth Management Inc. bought a new position in shares of Aeluma during the fourth quarter worth approximately $740,000. Westside Investment Management Inc. increased its stake in shares of Aeluma by 51.8% during the fourth quarter. Westside Investment Management Inc. now owns 50,300 shares of the company’s stock worth $864,000 after purchasing an additional 17,165 shares during the period. FNY Investment Advisers LLC increased its stake in shares of Aeluma by 242.9% during the third quarter. FNY Investment Advisers LLC now owns 2,935 shares of the company’s stock worth $47,000 after purchasing an additional 2,079 shares during the period. Finally, Fortitude Advisory Group L.L.C. bought a new position in shares of Aeluma during the first quarter worth approximately $464,000.

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.