Aeluma (NASDAQ:ALMU) Earns "Buy" Rating from Benchmark

Key Points

• Aeluma's stock (NASDAQ: ALMU) has received a "buy" rating from Benchmark, with a price target of $25.00, indicating a potential upside of 36.84%.
• The company's stock is currently trading at $18.27, with a reported twelve month low of $2.52 and a high of $25.88.
• CEO Jonathan Klamkin sold 150,000 shares at an average price of $18.85, reducing his position by 9.21%.

Aeluma (NASDAQ:ALMU - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Benchmark in a report released on Wednesday,Benzinga reports. They presently have a $25.00 price objective on the stock. Benchmark's price target indicates a potential upside of 36.84% from the stock's previous close.

Separately, Craig Hallum began coverage on Aeluma in a research report on Monday, July 14th. They set a "buy" rating and a $26.00 target price on the stock. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Aeluma currently has an average rating of "Buy" and a consensus price target of $25.50.

Aeluma Trading Down 7.6%

ALMU stock opened at $18.27 on Wednesday. Aeluma has a twelve month low of $2.52 and a twelve month high of $25.88. The firm has a market capitalization of $290.31 million and a P/E ratio of -76.13. The business's 50-day moving average price is $19.38.

Insider Activity

In related news, CEO Jonathan Klamkin sold 150,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $18.85, for a total transaction of $2,827,500.00. Following the completion of the sale, the chief executive officer directly owned 1,479,398 shares of the company's stock, valued at $27,886,652.30. This trade represents a 9.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Institutional Investors Weigh In On Aeluma

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC bought a new position in Aeluma in the 2nd quarter worth approximately $3,850,000. Cetera Investment Advisers bought a new position in Aeluma in the 2nd quarter worth approximately $613,000. Rhumbline Advisers bought a new position in Aeluma in the 2nd quarter worth approximately $228,000. New York State Common Retirement Fund bought a new position in Aeluma in the 2nd quarter worth approximately $111,000. Finally, Bank of America Corp DE bought a new position in Aeluma in the 2nd quarter worth approximately $98,000.

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.

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