Astera Labs (NASDAQ:ALAB) Trading Down 0.7% – Here’s What Happened

Astera Labs, Inc. (NASDAQ:ALAB)’s share price dropped 0.7% during mid-day trading on Thursday . The company traded as low as $119.02 and last traded at $121.64. Approximately 1,651,053 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 3,265,406 shares. The stock had previously closed at $122.47.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. lifted their target price on Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Craig Hallum upped their price target on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Roth Mkm lifted their price objective on Astera Labs from $80.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, Citigroup assumed coverage on shares of Astera Labs in a research report on Monday, November 18th. They set a “buy” rating and a $120.00 target price for the company. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $94.67.

Astera Labs Stock Performance

The firm has a 50 day moving average price of $92.92 and a two-hundred day moving average price of $65.51.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The firm had revenue of $113.10 million during the quarter, compared to analyst estimates of $97.50 million. The business’s revenue for the quarter was up 47.1% on a year-over-year basis. Sell-side analysts predict that Astera Labs, Inc. will post -0.45 EPS for the current fiscal year.

Insider Activity at Astera Labs

In other Astera Labs news, Director Stefan A. Dyckerhoff sold 50,000 shares of Astera Labs stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $89.70, for a total value of $4,485,000.00. Following the completion of the transaction, the director now owns 129,617 shares of the company’s stock, valued at $11,626,644.90. The trade was a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Manuel Alba sold 63,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $50.00, for a total transaction of $3,150,000.00. Following the sale, the director now owns 506,863 shares of the company’s stock, valued at approximately $25,343,150. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,078,119 shares of company stock valued at $191,630,349 over the last ninety days.

Hedge Funds Weigh In On Astera Labs

A number of large investors have recently bought and sold shares of the business. Hollencrest Capital Management acquired a new position in Astera Labs during the 3rd quarter valued at approximately $26,000. US Bancorp DE bought a new position in shares of Astera Labs during the third quarter worth about $46,000. First Horizon Advisors Inc. acquired a new stake in shares of Astera Labs in the 3rd quarter worth about $49,000. Allworth Financial LP lifted its position in Astera Labs by 445.5% in the 3rd quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock valued at $57,000 after purchasing an additional 891 shares during the last quarter. Finally, Amalgamated Bank acquired a new position in Astera Labs during the 2nd quarter valued at about $74,000. Institutional investors own 60.47% of the company’s stock.

Astera Labs Company Profile

Astera Labs, Inc designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform is comprised of a portfolio of data, network, and memory connectivity products, which are built on a unifying software-defined architecture that enables customers to deploy and operate high performance cloud and AI infrastructure at scale.