Stardust Power Inc. (NASDAQ:SDST) Sees Significant Decrease in Short Interest

Stardust Power Inc. (NASDAQ:SDST) was the recipient of a large decrease in short interest during the month of October. As of October 15th, there was short interest totaling 246,800 shares, a decrease of 27.8% from the September 30th total of 341,600 shares. Based on an average daily volume of 334,100 shares, the days-to-cover ratio is presently 0.7 days. Currently, 3.1% of the shares of the company are short sold. Currently, 3.1% of the shares of the company are short sold. Based on an average daily volume of 334,100 shares, the days-to-cover ratio is presently 0.7 days.

Stardust Power Stock Down 9.8%

SDST traded down $0.43 during trading on Monday, reaching $3.97. The company had a trading volume of 2,307,080 shares, compared to its average volume of 437,177. The stock has a market cap of $33.59 million, a P/E ratio of -0.71 and a beta of 0.23. The business has a 50 day simple moving average of $3.89 and a 200-day simple moving average of $4.28. Stardust Power has a 52 week low of $1.42 and a 52 week high of $79.70.

Stardust Power (NASDAQ:SDST) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.30). As a group, equities research analysts expect that Stardust Power will post -0.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on SDST. Wall Street Zen lowered shares of Stardust Power to a “strong sell” rating in a research report on Saturday, September 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Stardust Power in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued 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 “Moderate Buy” and a consensus price target of $28.17.

Institutional Trading of Stardust Power

Institutional investors have recently bought and sold shares of the stock. Warberg Asset Management LLC bought a new stake in Stardust Power in the second quarter worth $35,000. Landscape Capital Management L.L.C. purchased a new stake in Stardust Power in the first quarter worth $160,000. Finally, Armistice Capital LLC purchased a new stake in Stardust Power in the first quarter worth $2,134,000. 32.79% of the stock is currently owned by institutional investors.

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.