Stardust Power (SDST) stock soared on Monday following new comments from the developer of battery-grade lithium products. The company recently praised the $400 million deal between the Department of Defense and MP Materials (MP), the only company with a rare earth mine in the U.S.
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Stardust Power said on X, formerly Twitter, that the deal “shows strong federal support for reshoring” and that it “fuels projects like ours.” Considering the massive rally MP Materials stock underwent last week, it makes sense that similar companies in its sector would rally in sympathy with it.
Stardust Power stock was up 110.6% in pre-market trading on Monday, following a 9.14% rally on Friday. However, the stock was still down 92.96% year-to-date and has dropped 97.37% over the past 12 months. Today’s rally came with some 147 million shares traded, compared to a three-month daily average trading volume of 4.52 million shares.
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 Sell rating over the past three months. With that comes an average SDST stock price target of $2.35, representing a potential 832.54% upside for the shares.
