Astera Labs (NASDAQ:ALAB) Stock Price Up 6.9% – Here’s What Happened

Astera Labs, Inc. (NASDAQ:ALAB) shares rose 6.9% during trading on Tuesday . The stock traded as high as $110.78 and last traded at $110.49. Approximately 1,065,890 shares traded hands during trading, a decline of 66% from the average daily volume of 3,170,863 shares. The stock had previously closed at $103.39.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ALAB shares. 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 price target on the stock. Craig Hallum raised their price target on Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Stifel Nicolaus increased their price objective on Astera Labs from $80.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their target price on shares of Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Finally, Barclays increased their price target on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $94.67.

Astera Labs Stock Up 9.0 %

The business has a fifty day simple moving average of $75.22 and a 200 day simple moving average of $60.88.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Monday, November 4th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $97.50 million. Astera Labs’s quarterly revenue was up 47.1% on a year-over-year basis. Equities research analysts predict that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Insiders Place Their Bets

In other Astera Labs news, CEO Jitendra Mohan sold 173,366 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $110.12, for a total transaction of $19,091,063.92. Following the completion of the transaction, the chief executive officer now owns 600,000 shares of the company’s stock, valued at approximately $66,072,000. The trade was a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sanjay Gajendra sold 76,701 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the completion of the sale, the insider now owns 855,000 shares in the company, valued at approximately $38,748,600. The trade was a 8.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,897,820 shares of company stock worth $168,252,298 in the last 90 days.

Institutional Trading of Astera Labs

A number of hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management acquired a new stake in shares of Astera Labs during the 3rd quarter valued at $26,000. US Bancorp DE bought a new stake in shares of Astera Labs during the third quarter worth about $46,000. First Horizon Advisors Inc. acquired a new position in shares of Astera Labs in the third quarter valued at approximately $49,000. Allworth Financial LP raised its holdings 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 buying an additional 891 shares during the last quarter. Finally, Amalgamated Bank acquired a new stake in Astera Labs during the 2nd quarter worth approximately $74,000.

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.