Wall Street Zen Downgrades Stardust Power (NASDAQ:SDST) to Strong Sell

Stardust Power (NASDAQ:SDST) was downgraded by stock analysts at Wall Street Zen to a “strong sell” rating in a research report issued to clients and investors on Saturday.

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

Stardust Power Stock Down 1.8%

Shares of SDST opened at $2.80 on Friday. The stock has a market cap of $23.69 million, a price-to-earnings ratio of -0.50 and a beta of 0.23. Stardust Power has a 12 month low of $1.42 and a 12 month high of $125.60. The company has a 50-day moving average price of $3.82 and a two-hundred day moving average price of $4.82.

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

Insider Buying and Selling

In other news, insider Pablo Cortegoso sold 17,361 shares of Stardust Power stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $1.90, for a total value of $32,985.90. Following the completion of the transaction, the insider owned 500,661 shares in the company, valued at approximately $951,255.90. The trade was a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Udaychandra Devasper sold 16,045 shares of Stardust Power stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $1.90, for a total transaction of $30,485.50. Following the completion of the transaction, the chief financial officer owned 59,865 shares of the company’s stock, valued at $113,743.50. This trade represents a 21.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,113 shares of company stock valued at $93,719 in the last quarter. 55.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Warberg Asset Management LLC bought a new position in shares of Stardust Power in the second quarter valued at approximately $35,000. Armistice Capital LLC bought a new position in shares of Stardust Power in the first quarter valued at approximately $2,134,000. Finally, Landscape Capital Management L.L.C. bought a new position in shares of Stardust Power in the first quarter valued at approximately $160,000. Institutional investors own 32.79% of the company’s stock.

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.