Aeluma's (ALMU) Buy Rating Reiterated at Benchmark

Key Points

• Benchmark has reiterated a "buy" rating for Aeluma (NASDAQ: ALMU) with a target price of $25.00, indicating a potential upside of 74.09% from its previous close.
• CEO Jonathan Klamkin sold 150,000 shares of the company's stock at an average price of $18.85, representing a 9.21% decrease in his position.
• Several institutional investors have recently added to their stakes in Aeluma, showing renewed interest in the company with purchases totaling around $32,000 to $86,000 each.

Aeluma (NASDAQ:ALMU - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Benchmark in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $25.00 target price on the stock. Benchmark's price target points to a potential upside of 69.61% from the company's current price.

Separately, Craig Hallum initiated coverage on shares of Aeluma in a research note on Monday, July 14th. They set a "buy" rating and a $26.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $25.50.

Aeluma Trading Down 4.5%

Shares of NASDAQ ALMU traded down $0.70 during trading on Wednesday, reaching $14.74. The company had a trading volume of 155,000 shares, compared to its average volume of 210,663. Aeluma has a 52 week low of $2.50 and a 52 week high of $25.88. The stock has a market cap of $234.22 million and a PE ratio of -61.42. The business's 50 day moving average is $19.22.

Insider Activity at Aeluma

In other news, CEO Jonathan Klamkin sold 150,000 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $18.85, for a total value of $2,827,500.00. Following the sale, the chief executive officer 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Trading of Aeluma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Atria Wealth Solutions Inc. raised its position in Aeluma by 3.1% during the second quarter. Atria Wealth Solutions Inc. now owns 16,771 shares of the company's stock worth $275,000 after acquiring an additional 500 shares in the last quarter. Osaic Holdings Inc. bought a new stake in Aeluma during the second quarter worth $32,000. Police & Firemen s Retirement System of New Jersey bought a new stake in Aeluma during the second quarter worth $32,000. JNBA Financial Advisors bought a new stake in Aeluma during the second quarter worth $52,000. Finally, JPMorgan Chase & Co. bought a new stake in Aeluma during the second quarter worth $74,000.

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.