Stardust Power (NASDAQ:SDST) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen lowered shares of Stardust Power (NASDAQ:SDST) to a strong sell rating in a research report sent to investors on Saturday morning.

Separately, Maxim Group restated a “hold” rating on shares of Stardust Power in a research report on Tuesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $51.13.

Stardust Power Trading Down 2.9%

SDST opened at $2.72 on Friday. The firm has a market capitalization of $23.01 million, a PE ratio of -0.49 and a beta of 0.23. Stardust Power has a twelve month low of $1.42 and a twelve month high of $125.60. The firm’s 50-day moving average price is $3.83 and its 200 day moving average price is $4.75.

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

Insider Transactions at Stardust Power

In other Stardust Power news, CFO Udaychandra Devasper sold 16,045 shares of Stardust Power stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $1.90, for a total transaction of $30,485.50. Following the transaction, the chief financial officer directly owned 59,865 shares of the company’s stock, valued at $113,743.50. The trade was a 21.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pablo Cortegoso sold 17,361 shares of Stardust Power stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $1.90, for a total transaction of $32,985.90. Following the transaction, the insider directly owned 500,661 shares in the company, valued at $951,255.90. This trade represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. 55.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Stardust Power

A number of institutional investors have recently bought and sold shares of the company. Warberg Asset Management LLC purchased a new position in Stardust Power during the second quarter worth about $35,000. Armistice Capital LLC purchased a new position in Stardust Power during the first quarter worth about $2,134,000. Finally, Landscape Capital Management L.L.C. purchased a new position in Stardust Power during the first quarter worth about $160,000. 32.79% of the stock is owned by hedge funds and other institutional investors.

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.