Astera Labs (NASDAQ:ALAB) Shares Up 4.8% - Here's Why

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

Analyst Ratings Changes

ALAB has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on Astera Labs from $70.00 to $110.00 and gave the company an "overweight" rating in a research note on Tuesday, November 5th. 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 research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Astera Labs from $60.00 to $100.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Stifel Nicolaus upped their price objective on shares of Astera Labs from $80.00 to $100.00 and gave the stock a "buy" rating in a report on Tuesday, November 5th. Finally, Citigroup started coverage on Astera Labs in a report on Monday, November 18th. They set a "buy" rating and a $120.00 target price on the stock. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $94.67.

Astera Labs Stock Up 3.8 %

The company has a 50-day simple moving average of $84.12 and a 200 day simple moving average of $63.02.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its 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. The firm had revenue of $113.10 million during the quarter, compared to analysts' expectations of $97.50 million. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The firm's revenue was up 47.1% on a year-over-year basis. On average, equities analysts anticipate that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Manuel Alba sold 11,000 shares of the firm's stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $117.50, for a total transaction of $1,292,500.00. Following the completion of the transaction, the director now directly owns 456,863 shares of the company's stock, valued at approximately $53,681,402.50. This trade represents a 2.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sanjay Gajendra sold 76,701 shares of the company'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 value 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. This represents 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 2,154,820 shares of company stock valued at $195,106,438 over the last three months.

Hedge Funds Weigh In On Astera Labs

Institutional investors have recently added to or reduced their stakes in the company. Great Valley Advisor Group Inc. bought a new stake in shares of Astera Labs during the second quarter worth $443,000. Bank of New York Mellon Corp acquired a new position in Astera Labs during the 2nd quarter worth $8,361,000. Legato Capital Management LLC bought a new position in Astera Labs in the 2nd quarter valued at $207,000. Strategic Blueprint LLC acquired a new stake in shares of Astera Labs in the 2nd quarter valued at $332,000. Finally, Essex Financial Services Inc. bought a new stake in shares of Astera Labs during the second quarter worth $1,304,000. 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.