Astera Labs (NASDAQ:ALAB) Shares Gap Down - Time to Sell?

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $141.53, but opened at $135.27. Astera Labs shares last traded at $134.87, with a volume of 797,020 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Needham & Company LLC reissued a "buy" rating and set a $65.00 price objective on shares of Astera Labs in a report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their price target on shares of Astera Labs from $70.00 to $110.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 5th. Craig Hallum raised their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 5th. Barclays upped their target price on shares of Astera Labs from $70.00 to $87.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 5th. Finally, Citigroup started 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. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $98.67.

Astera Labs Price Performance

The business's fifty day simple moving average is $104.40 and its 200-day simple moving average is $69.70.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $97.50 million. Astera Labs's revenue for the quarter was up 47.1% compared to the same quarter last year. On average, equities analysts expect that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Jitendra Mohan sold 47,667 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $70.26, for a total value of $3,349,083.42. Following the completion of the transaction, the chief executive officer now owns 728,420 shares of the company's stock, valued at approximately $51,178,789.20. This represents a 6.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Philip Mazzara sold 25,000 shares of the firm's stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $60.74, for a total value of $1,518,500.00. Following the transaction, the general counsel now directly owns 300,564 shares of the company's stock, valued at $18,256,257.36. This represents a 7.68 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,978,119 shares of company stock worth $186,618,509.

Hedge Funds Weigh In On Astera Labs

Several large investors have recently modified their holdings of the stock. Strategic Blueprint LLC raised its stake in shares of Astera Labs by 3.6% in the third quarter. Strategic Blueprint LLC now owns 5,684 shares of the company's stock worth $298,000 after purchasing an additional 195 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Astera Labs by 5.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,284 shares of the company's stock worth $277,000 after purchasing an additional 284 shares in the last quarter. Hollencrest Capital Management bought a new position in shares of Astera Labs in the third quarter worth about $26,000. Venturi Wealth Management LLC lifted its stake in shares of Astera Labs by 26.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,400 shares of the company's stock valued at $126,000 after buying an additional 500 shares in the last quarter. Finally, US Bancorp DE bought a new position in Astera Labs in the 3rd quarter worth approximately $46,000. Hedge funds and other 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.