Insider Selling: Aeluma (NASDAQ:ALMU) Major Shareholder Sells 35,000 Shares of Stock

Key Points

• Major shareholder Mark Tompkins sold 35,000 shares of Aeluma stock at an average price of $17.10, totaling approximately $598,500, reducing his ownership by 1.25%.
• Aeluma stock has seen a price increase of 2.6%, opening at $18.47 with a market capitalization of $329.69 million.
• Despite a mix of analyst ratings, the average target price for Aeluma shares stands at $25.50 with two "buy" ratings and one "sell" rating.

Aeluma, Inc. (NASDAQ:ALMU - Get Free Report) major shareholder Mark Tompkins sold 35,000 shares of the business's stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $17.10, for a total transaction of $598,500.00. Following the completion of the transaction, the insider owned 2,771,333 shares in the company, valued at $47,389,794.30. This represents a 1.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Aeluma Stock Up 2.6%

Shares of Aeluma stock opened at $18.47 on Tuesday. The firm's 50-day simple moving average is $18.95. The firm has a market capitalization of $329.69 million and a P/E ratio of -76.96. Aeluma, Inc. has a 1-year low of $2.52 and a 1-year high of $25.88.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ALMU shares. Benchmark restated a "buy" rating and set a $25.00 price objective on shares of Aeluma in a research note on Wednesday, September 24th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Aeluma in a research note on Saturday, September 27th. Finally, Craig Hallum began coverage on shares of Aeluma in a research note on Monday, July 14th. They issued a "buy" rating and a $26.00 price target for the company. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $25.50.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. JNBA Financial Advisors bought a new stake in shares of Aeluma in the 2nd quarter valued at approximately $52,000. Atria Wealth Solutions Inc. boosted its holdings in Aeluma by 3.1% in the second 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. Geode Capital Management LLC acquired a new position in Aeluma in the second quarter worth $3,850,000. Police & Firemen s Retirement System of New Jersey bought a new stake in Aeluma during the second quarter valued at $32,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Aeluma during the second quarter worth $613,000.

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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