Short sellers retreat as ALMU rallies nearly 50% in a month. Options sentiment turns bullish ahead of May earnings. Insiders sold $5.6M over three months.
ALMU closed at $19.21 on April 24, up 2.6% on the day. The stock surged 19.1% over the past week and 48.0% over the past month. The semiconductor materials maker has more than doubled from recent lows, building momentum into its May 7 earnings date.
Short interest fell 13.7% over the past week to 2.73 million shares, or 15.3% of the float, as of April 23. That marks a retreat from the April 15 peak of 3.17 million shares — the highest level in the past month. The decline suggests short sellers covered positions as the stock rallied.
Cost to borrow spiked 26.7% over the week to 3.79%, hitting a 30-day high. The CTB has climbed 66.2% over the past month from 1.07% on March 13. Borrow rates are at the steepest level since late March.
Utilisation dropped to 63.5%, down from 72.5% a week prior. That sits well below the April 2 peak of 81.6% and the 52-week high of 98.4%. The pullback in utilisation mirrors the decline in short interest as sellers exit.
The put/call ratio fell to 0.28 on April 24, down from a 20-day mean of 0.32. The z-score of -1.49 indicates options sentiment is more bullish than usual. The PCR has trended lower since late March, when it sat above 0.45. The current reading is far below the 52-week high of 0.57, reflecting a shift toward call buying.
Two analysts rate Aeluma a buy with a mean target of $25.50. That implies 32.8% upside from the current price. On March 31, Freedom Broker initiated coverage with a buy rating and a $23 target. Benchmark reiterated its buy rating and $25 target on March 3. Craig-Hallum opened coverage last July with a buy and a $26 target.
Benzinga's bull case highlights Aeluma's momentum in high-speed photodetector sales for data centers and its proprietary photonics technology. The bear case cites adoption delays in safety-critical applications and manufacturing scalability risks.
The P/E ratio sits at -117.3, reflecting losses. The multiple shifted 30 days lower from -70.7 a month ago as the stock price rallied faster than losses narrowed. EV/EBITDA stood at -124.6 as of April 24.
Aeluma ranks in the 91st percentile for EPS surprise, the 50th for analyst recommendation differential, and just the 1st percentile for 12-month forward EPS growth. The short score ranks in the 3rd percentile — among the most heavily shorted names. Days to cover ranks in the 8th percentile and utilisation in the 16th. Dividend score sits at the 20th percentile.
Boisei Investments added 1.00 million shares in Q1, taking a new 5.6% stake. Vanguard increased its position by 418,045 shares to 857,011 (4.8% of the company). BlackRock added 102,762 shares, lifting its stake to 824,185 (4.6%). State Street and Geode also added modestly.
Two significant holders trimmed. M. Tompkins cut his stake by 234,500 shares to 1.79 million (9.9%). CEO Jonathan Klamkin reduced his position by 70,000 shares to 1.41 million (7.8%).
Insiders sold a net 329,500 shares worth $5.6 million over the past 90 days. CEO Klamkin sold 50,000 shares in two March transactions worth $663,300 combined, then another 20,000 shares on April 1 for $261,950. Director Steven DenBaars sold 25,000 shares in late February for $417,860. Former director M. Tompkins sold 97,000 shares in late January and early February worth $1.5 million.
ORTEX data shows correlated peers in the semiconductor materials space. The sector has experienced divergent performance over the past month as chip demand narratives shift. Aeluma's 19% weekly gain outpaced most peers in the group.
Aeluma has four earnings events listed, all in February 2026. Earlier prints lack price reaction data. The May 7 event will be the first earnings date with complete pre-announcement and reaction metrics.
Earnings are scheduled for May 7 after market close. Analysts will focus on photodetector customer traction and production ramp progress. The stock's 48% monthly rally into the print suggests expectations have risen. Short interest fell 13.7% in the past week — further covering could amplify post-earnings moves if results beat.
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