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 reissued by Benchmark in a research note issued on Wednesday,Benzinga reports. They presently have a $25.00 target price on the stock. Benchmark's price target indicates a potential upside of 74.09% from the stock's previous close.

Separately, Craig Hallum started coverage on shares of Aeluma in a research report on Monday, July 14th. They issued 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 data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $25.50.

Aeluma Price Performance

ALMU stock traded down $3.84 during mid-day trading on Wednesday, reaching $14.36. The company had a trading volume of 478,224 shares, compared to its average volume of 202,295. The stock has a market cap of $228.05 million and a P/E ratio of -53.19. The business has a 50 day moving average of $19.53. Aeluma has a 12 month low of $2.50 and a 12 month high of $25.88.

Insider Buying and Selling

In related news, CEO Jonathan Klamkin sold 150,000 shares of the firm'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 value of $2,827,500.00. Following the completion of the transaction, the chief executive officer owned 1,479,398 shares in the company, valued at $27,886,652.30. This trade represents a 9.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Investors Weigh In On Aeluma

Several large investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. bought a new stake in Aeluma in the second quarter worth $32,000. Police & Firemen s Retirement System of New Jersey purchased a new position in Aeluma during the 2nd quarter valued at $32,000. JNBA Financial Advisors purchased a new stake in shares of Aeluma in the 2nd quarter worth $52,000. JPMorgan Chase & Co. purchased a new stake in shares of Aeluma during the 2nd quarter worth $74,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Aeluma during the 2nd quarter worth $86,000.

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.

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