Stardust Power Inc. (NASDAQ:SDST) Short Interest Down 37.8% in July

Stardust Power Inc. (NASDAQ:SDST) was the target of a large decline in short interest during the month of July. As of July 31st, there was short interest totaling 332,161 shares, a decline of 37.8% from the July 15th total of 534,184 shares. Based on an average daily volume of 344,417 shares, the short-interest ratio is currently 1.0 days. Currently, 4.8% of the shares of the company are short sold.

Stardust Power Trading Up 0.8%

Shares of NASDAQ SDST traded up $0.01 during midday trading on Wednesday, reaching $0.63. 80,493 shares of the company were exchanged, compared to its average volume of 458,719. Stardust Power has a 1 year low of $0.50 and a 1 year high of $7.67. The stock has a fifty day simple moving average of $1.40 and a 200 day simple moving average of $2.34. The stock has a market cap of $6.63 million, a P/E ratio of -0.36 and a beta of 0.60.

Stardust Power (NASDAQ:SDST) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.04.

Insider Activity

In related news, CEO Roshen Pujari sold 102,427 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $2.18, for a total value of $223,290.86. Following the completion of the sale, the chief executive officer directly owned 502,771 shares of the company’s stock, valued at $1,096,040.78. This represents a 16.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 107,482 shares of company stock valued at $233,114. 34.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Stardust Power

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

Wall Street Analysts Forecast Growth

SDST has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Stardust Power in a report on Friday, July 17th. Wall Street Zen raised shares of Stardust Power from a “strong sell” rating to a “sell” rating in a report on Saturday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Stardust Power presently has an average rating of “Sell”.

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.