Astera Labs, Inc. (NASDAQ:ALAB) Short Interest Down 16.3% in November

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) was the target of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 8,910,000 shares, a decrease of 16.3% from the October 31st total of 10,640,000 shares. Based on an average daily volume of 4,670,000 shares, the days-to-cover ratio is currently 1.9 days. Approximately 7.8% of the shares of the company are short sold.

Insider Activity at Astera Labs

In other news, CEO Jitendra Mohan sold 173,366 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $110.12, for a total value of $19,091,063.92. Following the completion of the transaction, the chief executive officer now directly owns 600,000 shares of the company's stock, valued at approximately $66,072,000. This represents a 22.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the transaction, the insider now owns 855,000 shares of the company's stock, valued at $38,748,600. This trade represents a 8.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,897,820 shares of company stock worth $168,252,298.

Institutional Trading of Astera Labs

Institutional investors and hedge funds have recently bought and sold shares of the business. Hollencrest Capital Management bought a new stake in shares of Astera Labs during the 3rd quarter worth about $26,000. US Bancorp DE bought a new stake in shares of Astera Labs during the third quarter worth approximately $46,000. First Horizon Advisors Inc. bought a new stake in shares of Astera Labs during the third quarter worth approximately $49,000. Allworth Financial LP grew its position in shares of Astera Labs by 445.5% in the third 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 bought a new position in shares of Astera Labs during the second quarter worth approximately $74,000.

Astera Labs Trading Up 3.7 %

Shares of ALAB stock traded up $3.65 on Friday, reaching $103.25. 1,915,788 shares of the stock were exchanged, compared to its average volume of 3,183,780. The stock has a 50 day moving average price of $75.22 and a 200 day moving average price of $61.00. Astera Labs has a one year low of $36.22 and a one year high of $113.85.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.23 EPS for the quarter, beating 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 company had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. The company's revenue for the quarter was up 47.1% on a year-over-year basis. As a group, equities research analysts expect that Astera Labs will post -0.45 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ALAB shares. Craig Hallum lifted their price objective on Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Stifel Nicolaus lifted their price target on shares of Astera Labs from $80.00 to $100.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Morgan Stanley upped their price objective on shares of Astera Labs from $74.00 to $94.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 5th. Evercore ISI cut their target price on shares of Astera Labs from $98.00 to $80.00 and set an "outperform" rating for the company in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Astera Labs from $60.00 to $100.00 and gave the stock a "buy" rating in a research report on Tuesday, November 5th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $94.67.

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.