Stardust Power (NASDAQ:SDST) Announces Quarterly Earnings Results, Misses Estimates By $0.14 EPS

Stardust Power (NASDAQ:SDST) issued its quarterly earnings results on Thursday. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.14), FiscalAI reports.

Here are the key takeaways from Stardust Power’s conference call:

• Management said Q1 marked a transition from de-risking the Muskogee Lithium Refinery to financing and execution, with the project now positioned for major construction once funding is secured.
• The company received its air quality construction permit and completed FEL 3 engineering with third-party validation, clearing key regulatory and technical hurdles needed to begin construction.
• Stardust Power said it advanced financing options by securing access to up to $15 million through an equity financing facility and signing an LOI for up to $150 million in project-level financing.
• The company expanded its feedstock pipeline with multiple LOIs, including one for up to 15,000 metric tons per annum of lithium chloride from a U.S.-based brine project, supporting its domestic sourcing strategy.
• Financially, the company remains pre-revenue and still depends on additional capital to fund the next 12 months, while Q1 net loss widened to $5.2 million from $3.8 million year over year.

Stardust Power Stock Up 0.7%

NASDAQ SDST traded up $0.02 on Friday, reaching $2.30. The company had a trading volume of 103,751 shares, compared to its average volume of 309,015. The stock has a market capitalization of $22.88 million, a PE ratio of -1.06 and a beta of 0.56. The firm’s 50 day moving average price is $2.69 and its 200 day moving average price is $3.34. Stardust Power has a 12 month low of $1.42 and a 12 month high of $7.67.

Insider Activity at Stardust Power

In other Stardust Power news, insider Bruce Czachor sold 17,655 shares of the stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $2.29, for a total transaction of $40,429.95. Following the completion of the transaction, the insider owned 22,345 shares of the company’s stock, valued at $51,170.05. This represents a 44.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 27,041 shares of company stock worth $62,140. 55.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Stardust Power

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in Stardust Power by 40.3% during the fourth quarter. Geode Capital Management LLC now owns 59,143 shares of the company’s stock valued at $181,000 after buying an additional 16,989 shares during the last quarter. State Street Corp bought a new stake in Stardust Power in the 4th quarter worth approximately $44,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in Stardust Power in the 4th quarter worth approximately $69,000. 32.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SDST has been the subject of a number of recent analyst reports. Wall Street Zen raised Stardust Power from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of Stardust Power in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce”.

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.