Aeluma (NASDAQ:ALMU) Raised to “Strong-Buy” at Freedom Capital

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.

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

Aeluma Stock Performance

NASDAQ ALMU opened at $12.85 on Tuesday. Aeluma has a fifty-two week low of $5.79 and a fifty-two week high of $25.88. The firm has a market capitalization of $231.34 million and a P/E ratio of -91.78. The stock has a 50-day simple moving average of $15.35 and a two-hundred day simple moving average of $16.28.

Insider Transactions at Aeluma

In other news, Director Steven Denbaars sold 12,500 shares of the company’s stock in a transaction 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 sale, the director owned 397,588 shares of the company’s stock, valued at approximately $6,989,597.04. This represents a 3.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jonathan Klamkin sold 50,000 shares of the business’s stock in a transaction dated 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 represents a 3.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 297,000 shares of company stock valued at $5,174,095. 14.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Aeluma

A number of hedge funds and other institutional investors have recently modified their holdings of ALMU. Caitong International Asset Management Co. Ltd acquired a new position in shares of Aeluma during the fourth quarter worth $27,000. Quantbot Technologies LP purchased a new stake in Aeluma during the third quarter worth approximately $29,000. BNP Paribas Financial Markets raised its holdings in Aeluma by 79.2% during the third quarter. BNP Paribas Financial Markets now owns 1,934 shares of the company’s stock worth $31,000 after purchasing an additional 855 shares in the last quarter. Osaic Holdings Inc. purchased a new stake in shares of Aeluma during the 2nd quarter worth approximately $32,000. Finally, State of Wyoming acquired a new position in shares of Aeluma in the 4th quarter valued at $35,000.

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.