Stardust Power (NASDAQ:SDST) Issues Earnings Results, Beats Expectations By $0.04 EPS

Stardust Power (NASDAQ:SDST) issued its earnings results on Thursday. The company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.04, FiscalAI reports.

Here are the key takeaways from Stardust Power’s conference call:

• Stardust Power advanced engineering and site-readiness work at its Muskogee refinery, including geotechnical and subsurface investigations; key construction and commissioning permits are already in place.
• The company was selected as an industrial partner in a U.S. Department of Energy-funded research initiative with Ohio University focused on next-generation lithium extraction and potential domestic feedstock sources.
• Commercial discussions with prospective feedstock suppliers, offtake customers, government stakeholders, and strategic financing partners remain active, but management announced no material developments and said construction financing remains its highest priority.
• Stardust Power remains pre-revenue and had only approximately $0.5 million in cash at June 30, down from $3.5 million at year-end; management said additional equity, debt, or other financing will be needed to meet the next 12 months of requirements.
• The company raised capital through equity facilities, including approximately $1.35 million from its equity line and $161,000 from its ATM during the quarter, while continuing to evaluate alternatives related to Nasdaq minimum market-value requirements, creating potential dilution and listing risk.

Stardust Power Trading Down 1.1%

NASDAQ:SDST traded down $0.01 during midday trading on Friday, hitting $0.67. 314,926 shares of the company traded hands, compared to its average volume of 1,696,332. The firm has a market capitalization of $7.11 million, a P/E ratio of -0.38 and a beta of 0.60. The firm’s fifty day moving average is $1.45 and its 200-day moving average is $2.40. Stardust Power has a 12-month low of $0.50 and a 12-month high of $7.67.

Insider Buying and Selling at Stardust Power

In other Stardust Power news, CEO Roshen Pujari sold 102,427 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were 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 owned 502,771 shares of the company’s stock, valued at $1,096,040.78. This trade represents a 16.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Udaychandra Devasper sold 35,776 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $2.03, for a total value of $72,625.28. Following the transaction, the chief financial officer directly owned 121,611 shares in the company, valued at approximately $246,870.33. This represents a 22.73% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 169,233 shares of company stock worth $358,988 over the last quarter. Insiders own 34.51% of the company’s stock.

Hedge Funds Weigh In On Stardust Power

Several hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC lifted its position in shares of 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 during the last quarter. State Street Corp bought a new stake in Stardust Power during the 4th quarter valued at about $44,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Stardust Power in the 4th quarter valued at about $69,000. Institutional investors own 32.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SDST. Wall Street Zen upgraded Stardust Power from a “strong sell” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Stardust Power in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company 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.