Astera Labs (NASDAQ:ALAB) Trading Up 4.8% – Here’s What Happened

Astera Labs, Inc. (NASDAQ:ALAB) shares were up 4.8% during mid-day trading on Wednesday . The stock traded as high as $124.50 and last traded at $123.81. Approximately 386,402 shares changed hands during trading, a decline of 88% from the average daily volume of 3,216,998 shares. The stock had previously closed at $118.17.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ALAB. Citigroup started coverage on Astera Labs in a research note on Monday, November 18th. They issued a “buy” rating and a $120.00 price target for the company. Morgan Stanley boosted their target price on shares of Astera Labs from $74.00 to $94.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Stifel Nicolaus increased their price target on shares of Astera Labs from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Roth Mkm boosted their price objective on shares of Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $65.00 target price on shares of Astera Labs in a research note on Wednesday, October 9th. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Astera Labs has a consensus rating of “Buy” and a consensus price target of $94.67.

Astera Labs Stock Up 5.2 %

The business has a fifty day simple moving average of $84.12 and a 200 day simple moving average of $63.02.

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

Insider Activity

In other Astera Labs news, insider Sanjay Gajendra sold 740,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $96.59, for a total transaction of $71,476,600.00. Following the completion of the transaction, the insider now directly owns 775,000 shares in the company, valued at $74,857,250. The trade was a 48.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stefan A. Dyckerhoff sold 50,000 shares of the firm’s 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 sale, the director now directly owns 129,617 shares in the company, valued at approximately $11,626,644.90. This represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,154,820 shares of company stock worth $195,106,438.

Institutional Trading of Astera Labs

Several institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC raised its stake in Astera Labs by 81.8% during the third quarter. Tidal Investments LLC now owns 45,298 shares of the company’s stock worth $2,373,000 after acquiring an additional 20,388 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Astera Labs during the 3rd quarter valued at approximately $203,000. Geode Capital Management LLC increased its position in Astera Labs by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 444,887 shares of the company’s stock worth $23,312,000 after purchasing an additional 3,628 shares in the last quarter. M&T Bank Corp bought a new position in Astera Labs in the 3rd quarter valued at approximately $322,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Astera Labs in the third quarter valued at approximately $3,425,000. 60.47% of the stock is currently owned by institutional investors.

About Astera Labs

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.