Aeluma (NASDAQ:ALMU) Trading Down 6.9% - Time to Sell?

Key Points

• Aeluma's stock price fell by 6.9%, trading as low as $14.98 with a recent price of $15.87, amidst higher than average trading volume.
• Analysts maintain a positive outlook, with two firms issuing buy ratings and price targets of $25.00 to $26.00, suggesting potential upside for investors.
• CEO Jonathan Klamkin has sold 150,000 shares at an average price of $18.85, marking a 9.21% decrease in his ownership of the company's stock.

Shares of Aeluma, Inc. (NASDAQ:ALMU - Get Free Report) dropped 6.9% on Thursday . The stock traded as low as $14.98 and last traded at $15.87. Approximately 1,466,073 shares were traded during mid-day trading, an increase of 377% from the average daily volume of 307,364 shares. The stock had previously closed at $17.05.

Analysts Set New Price Targets

ALMU has been the topic of a number of recent analyst reports. Craig Hallum started coverage on Aeluma in a research note on Monday, July 14th. They set a "buy" rating and a $26.00 target price on the stock. Benchmark reaffirmed a "buy" rating and set a $25.00 target price on shares of Aeluma in a report on Wednesday, September 10th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $25.50.

Aeluma Stock Up 1.4%

The firm has a market cap of $314.15 million and a price-to-earnings ratio of -82.38. The stock's 50-day moving average is $19.36.

Insider Transactions at Aeluma

In other Aeluma news, CEO Jonathan Klamkin sold 150,000 shares of Aeluma stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $18.85, for a total value of $2,827,500.00. Following the transaction, the chief executive officer directly owned 1,479,398 shares of the company's stock, valued at $27,886,652.30. The trade was a 9.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Investors Weigh In On Aeluma

Large investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. bought a new position in shares of Aeluma during the second quarter valued at about $32,000. MASO CAPITAL PARTNERS Ltd purchased a new position in Aeluma during the 2nd quarter valued at about $401,000. Bank of America Corp DE bought a new position in Aeluma during the 2nd quarter valued at approximately $98,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Aeluma in the 2nd quarter worth approximately $86,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Aeluma in the 2nd quarter worth approximately $111,000.

Aeluma Company Profile

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.