Aeluma (NASDAQ:ALMU) Shares Down 6.9% – Time to Sell?

Aeluma, Inc. (NASDAQ:ALMU)’s stock price traded down 6.9% during trading on Thursday . The stock traded as low as $14.98 and last traded at $15.87. 1,466,073 shares traded hands during mid-day trading, an increase of 377% from the average session volume of 307,364 shares. The stock had previously closed at $17.05.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Craig Hallum assumed coverage on Aeluma in a research note on Monday, July 14th. They issued a “buy” rating and a $26.00 price target on the stock. Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Aeluma in a research note on Wednesday, September 10th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Aeluma has an average rating of “Buy” and a consensus price target of $25.50.

Aeluma Trading Down 6.9%

The stock’s 50 day moving average is $19.23. The stock has a market cap of $252.17 million and a PE ratio of -66.13.

Insider Transactions at Aeluma

In other Aeluma news, CEO Jonathan Klamkin sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $18.85, for a total transaction of $2,827,500.00. Following the sale, the chief executive officer owned 1,479,398 shares in the company, valued at $27,886,652.30. This represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Institutional Trading of Aeluma

Several institutional investors and hedge funds have recently bought and sold shares of ALMU. Osaic Holdings Inc. acquired a new stake in Aeluma during the second quarter valued at approximately $32,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Aeluma during the 2nd quarter worth approximately $32,000. JNBA Financial Advisors acquired a new stake in shares of Aeluma during the 2nd quarter worth approximately $52,000. JPMorgan Chase & Co. acquired a new stake in shares of Aeluma during the 2nd quarter worth approximately $74,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Aeluma during the 2nd quarter worth approximately $86,000.

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.