Stardust Power (SDST) stock fell on Tuesday after the battery-grade lithium products company launched a public offering for its shares. A filing with the Securities and Exchange Commission (SEC) confirmed the offering was underway, but it lacks the finer details of the offering, such as its price and number of shares included.
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A preliminary filing had Stardust Power targeting 8,139,346 shares sold in the offering. This adds a hefty number of shares to its outstanding holdings, which would dilute the stakes of current investors. That’s likely one reason why SDST stock is down today.
SDST shares have fallen 56.25% as of Tuesday morning, following a 28.05% drop yesterday. The company’s stock has also decreased 89.15% year-to-date. Today’s news also comes with heavy trading, as over 6.2 million shares changed hands, compared to a three-month daily average of about 776,000 units.
Is Stardust Power Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Stardust Power is Moderate Buy, based on two Buy and one Hold rating over the past three months. With that comes an average SDST stock price target of $2.35, representing a potential 505.2% upside for the shares.
See more SDST stock analyst ratings
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