Aeluma (ALMU) stock was on the rise Tuesday after the optoelectronic devices company announced new contracts with the U.S. Government yesterday. According to the company, these contracts are worth more than $4 million and will focus on the government’s semiconductor heterogeneous integration platform for quantum and high-speed datacom applications.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Aeluma noted that the contracts with the government include orders for its quantum materials and lasers. It also said that it will partner with Tower Semiconductor (TSEM) and Sumitomo Chemical Advanced Technology to scale wafer production and fabrication in support of its contracts.
Jonathan Klamkin, founder and CEO of Aeluma, said, “Programs like these are important for both our near-term commercialization strategy as well as long-term diversification. These contracts provide non-dilutive funding to accelerate commercialization, and to strengthen our relationship with key government partners in making manufacturing of next-generation photonic systems more viable.”
Aeluma Stock Movement Today
Aeluma stock was up 6.58% in pre-market trading, following a 42.66% rally yesterday. The stock was still down 10.6% year-to-date but was up 146.78% over the past 12 months.
Aeluma stock saw some 374,000 shares change hands this morning, compared to a three-month average daily trading volume of about 674,000 shares. Trading activity yesterday was elevated, as some 13.46 million shares were traded.
Aeluma stock’s ongoing rally today is a positive sign for investors. Typically a rally as strong as yesterday’s would be followed by some pullback. However, ALMU was still rising. This suggests strong market confidence in the company.
Is Aeluma Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Aeluma is Strong Buy, based on three Buy ratings over the past three months. With that comes an average ALMU stock price target of $24.67, representing a potential 60.72% upside for the shares.
