Stardust Power Inc. (NASDAQ:SDST) Short Interest Down 37.8% in July

Stardust Power Inc. (NASDAQ:SDST) was the target of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totaling 332,161 shares, a decrease of 37.8% from the July 15th total of 534,184 shares. Based on an average daily volume of 344,417 shares, the days-to-cover ratio is presently 1.0 days. Currently, 4.8% of the shares of the stock are short sold.

Insiders Place Their Bets

In other Stardust Power news, CEO Roshen Pujari sold 102,427 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $2.18, for a total transaction of $223,290.86. Following the transaction, the chief executive officer owned 502,771 shares of the company’s stock, valued at approximately $1,096,040.78. This represents a 16.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 107,482 shares of company stock valued at $233,114. Insiders own 34.51% of the company’s stock.

Institutional Trading of Stardust Power

Several hedge funds have recently bought and sold shares of the stock. State Street Corp acquired a new position in shares of Stardust Power in the fourth quarter valued at approximately $44,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Stardust Power during the fourth quarter worth $69,000. Finally, Geode Capital Management LLC raised its holdings in shares of Stardust Power by 40.3% during 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 period. 32.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Stardust Power in a research note on Friday, July 17th. Wall Street Zen upgraded shares of Stardust Power from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of “Sell”.

Stardust Power Trading Down 1.7%

NASDAQ:SDST opened at $0.61 on Thursday. Stardust Power has a 1 year low of $0.50 and a 1 year high of $7.67. The stock has a market cap of $6.47 million, a price-to-earnings ratio of -0.35 and a beta of 0.60. The stock has a 50-day moving average price of $1.38 and a two-hundred day moving average price of $2.31.

Stardust Power (NASDAQ:SDST) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.04.

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.