Astera Labs, Inc. (NASDAQ:ALAB) Sees Significant Decrease in Short Interest

Astera Labs, Inc. (NASDAQ:ALAB) was the target of a significant decrease in short interest during the month of 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 short-interest ratio is currently 1.9 days. Approximately 7.8% of the shares of the company are short sold.

Astera Labs Price Performance

ALAB opened at $103.25 on Friday. Astera Labs has a 52 week low of $36.22 and a 52 week high of $113.85. The business’s fifty day simple moving average is $75.22 and its 200 day simple moving average is $61.07.

Astera Labs (NASDAQ:ALAB) last released its earnings results on Monday, November 4th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. The business had revenue of $113.10 million for the quarter, compared to analysts’ expectations of $97.50 million. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The business’s quarterly revenue was up 47.1% on a year-over-year basis. As a group, analysts expect that Astera Labs will post -0.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ALAB has been the topic of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Stifel Nicolaus boosted their target price 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. Deutsche Bank Aktiengesellschaft boosted their target price 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. Roth Mkm boosted their target price on shares of Astera Labs from $80.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, Citigroup began coverage on shares of Astera Labs in a report on Monday, November 18th. They issued a “buy” rating and a $120.00 price target on the stock. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $94.67.

Insider Activity at Astera Labs

In related news, insider Sanjay Gajendra sold 76,701 shares of the company’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 in the company, valued at approximately $38,748,600. This represents a 8.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Manuel Alba sold 63,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $50.00, for a total value of $3,150,000.00. Following the completion of the transaction, the director now owns 506,863 shares in the company, valued at approximately $25,343,150. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,897,820 shares of company stock worth $168,252,298.

Institutional Trading of Astera Labs

Institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management purchased a new stake in Astera Labs during the third quarter valued at about $26,000. US Bancorp DE purchased a new stake in Astera Labs during the third quarter valued at about $46,000. First Horizon Advisors Inc. purchased a new stake in Astera Labs during the third quarter valued at about $49,000. Allworth Financial LP boosted its position in Astera Labs by 445.5% during the third quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock valued at $57,000 after buying an additional 891 shares during the period. Finally, Amalgamated Bank purchased a new stake in Astera Labs during the second quarter valued at about $74,000.

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.