Short Interest in Stardust Power Inc. (NASDAQ:SDST) Decreases By 40.3%

Stardust Power Inc. (NASDAQ:SDST) saw a large drop in short interest in the month of May. As of May 29th, there was short interest totaling 283,131 shares, a drop of 40.3% from the May 14th total of 474,017 shares. Approximately 6.0% of the shares of the company are short sold. Based on an average daily trading volume, of 116,779 shares, the short-interest ratio is currently 2.4 days.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Stardust Power in a report on Tuesday, April 21st. Wall Street Zen lowered Stardust Power from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has a consensus rating of “Sell”.

Stardust Power Price Performance

Shares of NASDAQ:SDST traded up $0.02 on Tuesday, hitting $1.88. The company’s stock had a trading volume of 42,027 shares, compared to its average volume of 290,447. The company has a 50-day simple moving average of $2.42 and a 200 day simple moving average of $3.06. Stardust Power has a 1 year low of $1.43 and a 1 year high of $7.67. The company has a market capitalization of $19.84 million, a PE ratio of -0.94 and a beta of 0.50.

Stardust Power (NASDAQ:SDST) last announced its earnings results on Thursday, May 14th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.14).

Insider Buying and Selling at Stardust Power

In related news, insider Bruce Czachor sold 17,655 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $2.29, for a total value of $40,429.95. Following the completion of the transaction, the insider directly owned 22,345 shares of the company’s stock, valued at approximately $51,170.05. This trade represents a 44.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Chris Edward Celano sold 25,975 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $2.05, for a total transaction of $53,248.75. Following the completion of the transaction, the chief operating officer directly owned 102,383 shares of the company’s stock, valued at approximately $209,885.15. This trade represents a 20.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 191,219 shares of company stock valued at $411,305 in the last quarter. Corporate insiders own 55.30% of the company’s stock.

Institutional Trading of Stardust Power

A number of hedge funds have recently made changes to their positions in SDST. Geode Capital Management LLC lifted its holdings in shares of Stardust Power by 40.3% during the 4th quarter. Geode Capital Management LLC now owns 59,143 shares of the company’s stock worth $181,000 after acquiring an additional 16,989 shares during the last quarter. State Street Corp purchased a new position in shares of Stardust Power in the 4th quarter worth about $44,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of Stardust Power in the 4th quarter worth about $69,000. 32.79% of the stock is owned by institutional investors.

Stardust Power Company Profile

Stardust Power Inc is a vertically-integrated lithium refinery that engages in producing battery-grade lithium. The company was founded in 2022 and is based in Greenwich, Connecticut.