Aeluma (NASDAQ:ALMU) Shares Down 1.3% - Here's What Happened

Key Points

• Aeluma, Inc. (NASDAQ:ALMU) saw its share price decline by 1.3%, closing at $20.58 with a total of 233,254 shares traded, marking an 18% decrease in trading volume.
• Analysts maintain a consensus “Buy” rating for Aeluma, with an average target price of $25.50, following recent coverage initiations from Craig Hallum and Benchmark.
• CEO Jonathan Klamkin sold 150,000 shares of Aeluma stock at an average price of $18.85, resulting in a 9.21% decrease in his ownership of the company.

Aeluma, Inc. (NASDAQ:ALMU - Get Free Report)'s stock price dropped 1.3% on Wednesday . The stock traded as low as $20.00 and last traded at $20.58. Approximately 233,254 shares traded hands during trading, a decline of 18% from the average daily volume of 286,033 shares. The stock had previously closed at $20.85.

Wall Street Analysts Forecast Growth

ALMU has been the subject of several recent research reports. Benchmark began coverage on shares of Aeluma in a report on Wednesday, July 23rd. They set a "buy" rating and a $25.00 target price for the company. Craig Hallum assumed coverage on shares of Aeluma in a research note on Monday, July 14th. They set a "buy" rating and a $26.00 target price on the stock. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $25.50.

Aeluma Stock Down 11.2%

The company has a 50 day moving average of $19.71. The stock has a market cap of $321.25 million and a PE ratio of -74.93.

Insider Buying and Selling at Aeluma

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

Hedge Funds Weigh In On Aeluma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC purchased a new position in shares of Aeluma during the second quarter worth approximately $3,850,000. Cetera Investment Advisers acquired a new position in shares of Aeluma during the 2nd quarter worth $613,000. Manchester Capital Management LLC acquired a new position in shares of Aeluma during the 2nd quarter worth $409,000. MASO CAPITAL PARTNERS Ltd acquired a new position in shares of Aeluma during the 2nd quarter worth $401,000. Finally, Atria Wealth Solutions Inc. grew its stake in shares of Aeluma by 3.1% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 16,771 shares of the company's stock worth $275,000 after purchasing an additional 500 shares during the period.

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.