Stardust Power Inc. (NASDAQ:SDST) Short Interest Down 40.3% in May

Stardust Power Inc. (NASDAQ:SDST) was the target of a large decline in short interest during the month of May. As of May 29th, there was short interest totaling 283,131 shares, a decline of 40.3% from the May 14th total of 474,017 shares. Based on an average trading volume of 116,779 shares, the days-to-cover ratio is presently 2.4 days. Currently, 6.0% of the shares of the stock are short sold.

Insider Transactions at Stardust Power

In other Stardust Power news, CEO Roshen Pujari sold 102,427 shares of Stardust Power stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $2.18, for a total value of $223,290.86. Following the sale, the chief executive officer owned 502,771 shares of the company’s stock, valued at $1,096,040.78. The trade was a 16.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Chris Edward Celano sold 25,975 shares of Stardust Power stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $2.05, for a total value of $53,248.75. Following the completion of the sale, the chief operating officer directly owned 102,383 shares in the company, valued at approximately $209,885.15. The trade was a 20.24% decrease in their position. 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. In the last quarter, insiders sold 191,219 shares of company stock worth $411,305. 55.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Stardust Power

Several large investors have recently modified their holdings of SDST. State Street Corp bought a new position in Stardust Power in the 4th quarter valued at $44,000. Price T Rowe Associates Inc. MD bought a new position in Stardust Power in the 4th quarter valued at $69,000. Finally, Geode Capital Management LLC grew its position in Stardust Power by 40.3% in the 4th quarter. Geode Capital Management LLC now owns 59,143 shares of the company’s stock valued at $181,000 after acquiring an additional 16,989 shares during the last quarter. Institutional investors own 32.79% of the company’s stock.

Stardust Power Stock Performance

NASDAQ SDST opened at $1.84 on Wednesday. The company has a market cap of $19.47 million, a P/E ratio of -0.92 and a beta of 0.50. The business’s 50 day moving average price is $2.40 and its 200-day moving average price is $3.05. Stardust Power has a fifty-two week low of $1.43 and a fifty-two week high of $7.67.

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Wall Street Zen downgraded Stardust Power from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Stardust Power in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Stardust Power presently has a consensus rating of “Sell”.

About Stardust Power

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.