Short Interest in Stardust Power Inc. (NASDAQ:SDST) Grows By 93.1%

Stardust Power Inc. (NASDAQ:SDST) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 534,184 shares, an increase of 93.1% from the June 30th total of 276,658 shares. Approximately 7.7% of the shares of the stock are sold short. Based on an average trading volume of 352,819 shares, the days-to-cover ratio is presently 1.5 days.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SDST. Wall Street Zen downgraded shares of Stardust Power from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Stardust Power in a report on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.

Insider Transactions at Stardust Power

In related news, CEO Roshen Pujari sold 102,427 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $2.18, for a total value of $223,290.86. Following the transaction, the chief executive officer owned 502,771 shares in the company, valued at approximately $1,096,040.78. This trade represents a 16.92% 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 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 business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $2.05, for a total value of $53,248.75. Following the completion of the transaction, the chief operating officer directly owned 102,383 shares of the company’s stock, valued at approximately $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. In the last three months, insiders have sold 169,233 shares of company stock valued at $358,988. 34.51% of the stock is owned by corporate insiders.

Institutional Trading of Stardust Power

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake 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 buying an additional 16,989 shares during the last quarter. State Street Corp acquired a new position in shares of Stardust Power during the fourth quarter worth $44,000. Finally, Price T Rowe Associates Inc. MD bought a new position in shares of Stardust Power in the 4th quarter valued at $69,000. Institutional investors and hedge funds own 32.79% of the company’s stock.

Stardust Power Trading Down 25.2%

SDST stock opened at $0.97 on Thursday. The stock has a market capitalization of $10.28 million, a P/E ratio of -0.49 and a beta of 0.55. Stardust Power has a 12 month low of $0.91 and a 12 month high of $7.67. The firm has a 50-day moving average price of $1.84 and a 200-day moving average price of $2.67.

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

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.