Aeluma (NASDAQ:ALMU) Upgraded by Freedom Capital to Strong-Buy Rating

Aeluma (NASDAQ:ALMU) was upgraded by investment analysts at Freedom Capital to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Aeluma in a research note on Wednesday, January 21st. UBS Group restated a “buy” rating on shares of Aeluma in a research report on Tuesday, March 3rd. Williams Trading set a $25.00 price objective on Aeluma in a research note on Tuesday, March 3rd. Finally, Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Aeluma in a research report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.33.

Aeluma Stock Down 1.8%

ALMU opened at $12.85 on Tuesday. Aeluma has a 52 week low of $5.79 and a 52 week high of $25.88. The business’s 50 day moving average is $15.35 and its two-hundred day moving average is $16.28. The firm has a market cap of $231.34 million and a price-to-earnings ratio of -91.78.

Insider Activity at Aeluma

In other Aeluma news, Director Steven Denbaars sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $17.58, for a total transaction of $219,750.00. Following the transaction, the director owned 397,588 shares in the company, valued at approximately $6,989,597.04. The trade was a 3.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jonathan Klamkin sold 50,000 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.05, for a total value of $902,500.00. Following the transaction, the chief executive officer directly owned 1,429,398 shares of the company’s stock, valued at approximately $25,800,633.90. This trade represents a 3.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 297,000 shares of company stock worth $5,174,095 over the last 90 days. Company insiders own 14.70% of the company’s stock.

Institutional Investors Weigh In On Aeluma

Several institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC acquired a new position in shares of Aeluma during the 2nd quarter worth $3,850,000. Cetera Investment Advisers acquired a new stake in shares of Aeluma in the second quarter valued at about $613,000. JPMorgan Chase & Co. acquired a new stake in shares of Aeluma in the second quarter valued at about $74,000. Rhumbline Advisers purchased a new stake in Aeluma during the second quarter worth about $228,000. Finally, New York State Common Retirement Fund purchased a new stake in Aeluma during the second quarter worth about $111,000.

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