Astera Labs (NASDAQ:ALAB) Trading Up 6.9% - Time to Buy?

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s stock price was up 6.9% during mid-day trading on Tuesday . The stock traded as high as $110.78 and last traded at $110.49. Approximately 1,065,890 shares were traded during mid-day 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

A number of brokerages recently weighed in on ALAB. JPMorgan Chase & Co. lifted their price objective on shares of 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 upped their price target 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. Craig Hallum increased 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 price objective on shares of Astera Labs in a research note on Wednesday, October 9th. Finally, Citigroup assumed coverage on shares of Astera Labs in a research report on Monday, November 18th. They issued a "buy" rating and a $120.00 price target on the stock. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $94.67.

Astera Labs Stock Up 9.0 %

The stock has a 50-day moving average of $75.22 and a 200 day moving average of $60.88.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate 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. The firm's quarterly revenue was up 47.1% compared to the same quarter last year. Analysts anticipate that Astera Labs, Inc. will post -0.45 EPS for the current year.

Insider Buying and Selling

In related news, Director Jack R. Lazar sold 2,000 shares of the business's stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $69.95, for a total transaction of $139,900.00. Following the completion of the transaction, the director now owns 135,000 shares in the company, valued at approximately $9,443,250. The trade was a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jitendra Mohan sold 173,366 shares of the business's stock in a transaction on Monday, November 25th. The shares were 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 directly owns 600,000 shares of the company's stock, valued at $66,072,000. This trade represents a 22.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,897,820 shares of company stock valued at $168,252,298 over the last three months.

Hedge Funds Weigh In On Astera Labs

Several institutional investors and hedge funds have recently modified their holdings of ALAB. Hollencrest Capital Management bought a new stake in shares of Astera Labs during the third quarter worth $26,000. US Bancorp DE acquired a new stake in shares of Astera Labs in the 3rd quarter valued at about $46,000. First Horizon Advisors Inc. bought a new stake in shares of Astera Labs in the third quarter valued at about $49,000. Allworth Financial LP boosted its position in shares of Astera Labs by 445.5% during the third quarter. Allworth Financial LP now owns 1,091 shares of the company's stock worth $57,000 after buying an additional 891 shares during the period. Finally, Amalgamated Bank bought a new position in shares of Astera Labs during the second quarter worth about $74,000.

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.

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