Zacks Research Begins Coverage on Aeluma (NASDAQ:ALMU)

Equities researchers at Zacks Research began coverage on shares of Aeluma (NASDAQ:ALMU) in a research report issued on Tuesday, Zacks reports. The firm set a “hold” rating on the stock.

ALMU has been the topic of a number of other reports. Northland Securities started coverage on shares of Aeluma in a research report on Monday. They set an “outperform” rating and a $16.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Aeluma in a research note on Thursday, October 15th. Finally, Freedom Broker dropped their price objective on shares of Aeluma from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.75.

Aeluma Stock Performance

Aeluma stock opened at $7.26 on Tuesday. Aeluma has a 12 month low of $6.59 and a 12 month high of $31.79. The stock’s 50-day moving average is $11.17 and its 200-day moving average is $16.42.

Aeluma (NASDAQ:ALMU) last issued its earnings results on Wednesday, September 16th. The company reported ($0.15) earnings per share (EPS) for the quarter. The firm had revenue of $0.58 million for the quarter. Aeluma had a negative return on equity of 18.14% and a negative net margin of 205.31%. Sell-side analysts expect that Aeluma will post -0.57 EPS for the current year.

Insider Buying and Selling at Aeluma

In other news, Director Steven Denbaars sold 12,500 shares of the company’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $13.84, for a total value of $173,000.00. Following the completion of the transaction, the director directly owned 357,709 shares in the company, valued at approximately $4,950,692.56. This represents a 3.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jonathan Klamkin sold 100,000 shares of the firm’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $10.53, for a total transaction of $1,053,000.00. Following the sale, the chief executive officer directly owned 1,126,995 shares of the company’s stock, valued at approximately $11,867,257.35. The trade was a 8.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 212,500 shares of company stock valued at $2,561,000 over the last 90 days. Insiders own 12.78% of the company’s stock.

Hedge Funds Weigh In On Aeluma

A number of institutional investors have recently added to or reduced their stakes in ALMU. Westside Investment Management Inc. boosted its position in Aeluma by 14.9% in the 3rd quarter. Westside Investment Management Inc. now owns 60,425 shares of the company’s stock valued at $747,000 after buying an additional 7,850 shares during the last quarter. Wedbush Securities Inc. increased its position in shares of Aeluma by 586.0% during the third quarter. Wedbush Securities Inc. now owns 352,775 shares of the company’s stock worth $4,360,000 after acquiring an additional 301,350 shares during the last quarter. Secure Asset Management LLC purchased a new stake in shares of Aeluma during the third quarter worth about $136,000. Squarepoint Ops LLC acquired a new position in shares of Aeluma in the second quarter worth about $269,000. Finally, Fortitude Advisory Group L.L.C. lifted its stake in shares of Aeluma by 6.0% in the second quarter. Fortitude Advisory Group L.L.C. now owns 37,567 shares of the company’s stock worth $829,000 after acquiring an additional 2,132 shares in the last quarter.

Aeluma Company Profile

Aeluma, Inc is a semiconductor company developing technologies designed to manufacture high-performance compound semiconductor devices on large-diameter silicon substrates. Its approach is intended to combine the performance characteristics of compound semiconductors with the scalability and manufacturing infrastructure associated with silicon wafers.

The company’s technology is applicable to products such as photodetectors, light-emitting devices, laser components and other optoelectronic devices.