Astera Labs (NASDAQ:ALAB) Trading Down 0.3%

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s stock price was down 0.3% on Tuesday . The stock traded as low as $39.39 and last traded at $39.62. Approximately 711,532 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 2,216,199 shares. The stock had previously closed at $39.73.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ALAB shares. Jefferies Financial Group began coverage on Astera Labs in a research report on Monday, April 15th. They set a "buy" rating and a $85.00 price target on the stock. Evercore ISI reduced their target price on Astera Labs from $98.00 to $80.00 and set an "outperform" rating for the company in a research note on Wednesday, August 7th. Morgan Stanley decreased their price objective on Astera Labs from $85.00 to $55.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on shares of Astera Labs from $95.00 to $70.00 and set an "overweight" rating on the stock in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Astera Labs from $85.00 to $60.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Astera Labs has a consensus rating of "Moderate Buy" and a consensus price target of $71.36.

Astera Labs Trading Up 1.7 %

The company's 50 day moving average is $54.88.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. The company had revenue of $76.90 million during the quarter, compared to analyst estimates of $72.41 million. The business's quarterly revenue was up 17.8% on a year-over-year basis. On average, equities research analysts forecast that Astera Labs, Inc. will post -0.56 EPS for the current year.

Institutional Investors Weigh In On Astera Labs

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. acquired a new position in shares of Astera Labs in the 1st quarter worth approximately $127,268,000. Capital World Investors bought a new stake in shares of Astera Labs in the 1st quarter valued at $44,514,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Astera Labs in the 1st quarter valued at $44,514,000. Bamco Inc. NY bought a new stake in shares of Astera Labs in the 1st quarter valued at $37,095,000. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Astera Labs in the 1st quarter valued at $33,141,000.

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.