Astera Labs (NASDAQ:ALAB) Shares Gap Down – Here’s Why

Shares of Astera Labs, Inc. (NASDAQ:ALAB) gapped down before the market opened on Monday . The stock had previously closed at $101.42, but opened at $88.90. Astera Labs shares last traded at $95.21, with a volume of 1,628,537 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 price target on shares of Astera Labs in a research report on Wednesday, October 9th. Citigroup assumed coverage on Astera Labs in a research report on Monday, November 18th. They issued a “buy” rating and a $120.00 price objective for the company. Morgan Stanley dropped their target price on shares of Astera Labs from $142.00 to $114.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 28th. Finally, Northland Capmk raised shares of Astera Labs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 28th. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Astera Labs has an average rating of “Buy” and a consensus target price of $107.42.

Astera Labs Stock Up 3.7 %

The business’s fifty day moving average is $122.20 and its two-hundred day moving average is $81.03.

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

Insiders Place Their Bets

In other Astera Labs news, General Counsel Philip Mazzara sold 2,513 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $90.81, for a total value of $228,205.53. Following the transaction, the general counsel now owns 248,745 shares of the company’s stock, valued at approximately $22,588,533.45. This represents a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jitendra Mohan sold 171,064 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $103.53, for a total value of $17,710,255.92. Following the transaction, the chief executive officer now owns 628,895 shares of the company’s stock, valued at $65,109,499.35. The trade was a 21.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,640,452 shares of company stock valued at $163,096,256.

Hedge Funds Weigh In On Astera Labs

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Tidal Investments LLC raised its stake in Astera Labs by 81.8% during the 3rd quarter. Tidal Investments LLC now owns 45,298 shares of the company’s stock worth $2,373,000 after buying an additional 20,388 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Astera Labs in the 3rd quarter valued at approximately $530,000. Avior Wealth Management LLC acquired a new stake in Astera Labs during the 3rd quarter worth approximately $361,000. Maverick Capital Ltd. lifted its stake in Astera Labs by 16.0% in the third quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company’s stock valued at $60,575,000 after buying an additional 159,480 shares in the last quarter. Finally, Bank of Hawaii acquired a new position in shares of Astera Labs in the third quarter valued at approximately $1,409,000. 60.47% of the stock is 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.