Bank of New York Mellon Corp Invests $2.05 Million in Aeluma, Inc. $ALMU

Key Points

• Bank of New York Mellon acquired 92,697 Aeluma shares worth approximately $2.05 million, representing about 0.51% of the company. Several other hedge funds and institutional investors also recently initiated or increased positions.
• Analyst sentiment is mixed: Aeluma carries an overall “Moderate Buy” rating with an average price target of $25, despite recent “sell” and “strong sell” recommendations.
• Director Steven Denbaars sold 12,500 shares for $173,000, reducing his holdings by 3.38%. Aeluma shares opened at $13.31, compared with a 52-week range of $10.24 to $31.79.

Bank of New York Mellon Corp acquired a new stake in shares of Aeluma, Inc. (NASDAQ:ALMU - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 92,697 shares of the company's stock, valued at approximately $2,047,000. Bank of New York Mellon Corp owned about 0.51% of Aeluma at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Fortitude Advisory Group L.L.C. acquired a new position in shares of Aeluma in the first quarter valued at about $464,000. MCF Advisors LLC increased its holdings in Aeluma by 12.0% in the 4th quarter. MCF Advisors LLC now owns 18,600 shares of the company's stock worth $319,000 after buying an additional 2,000 shares during the period. Mission Wealth Management LP purchased a new position in Aeluma during the 4th quarter worth approximately $240,000. Bank of America Corp DE purchased a new position in Aeluma during the 2nd quarter worth approximately $98,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Aeluma during the 2nd quarter valued at approximately $86,000.

Analyst Ratings Changes

Several research analysts recently issued reports on ALMU shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Aeluma in a report on Friday, July 17th. Wall Street Zen downgraded Aeluma from a "sell" rating to a "strong sell" rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Aeluma currently has an average rating of "Moderate Buy" and an average price target of $25.00.

Insider Activity

In related news, Director Steven Denbaars sold 12,500 shares of the company's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $13.84, for a total transaction of $173,000.00. Following the completion of the transaction, the director owned 357,709 shares in the company, valued at $4,950,692.56. This represents a 3.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 14.70% of the stock is currently owned by company insiders.

Aeluma Stock Up 2.9%

ALMU stock opened at $13.31 on Wednesday. Aeluma, Inc. has a 52-week low of $10.24 and a 52-week high of $31.79. The firm has a market cap of $243.64 million, a P/E ratio of -38.03 and a beta of 4.07. The company's 50-day simple moving average is $15.90 and its 200-day simple moving average is $18.11.

Aeluma 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. Aeluma, Inc was formerly known as Parc Investments, Inc and changed its name to Aeluma, Inc June 2021.

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