Astera Labs, Inc. (NASDAQ:ALAB – Get Free Report)’s stock price was down 0.3% during trading on Tuesday . The company traded as low as $39.39 and last traded at $39.62. Approximately 711,532 shares traded hands during trading, a decline of 68% from the average daily volume of 2,216,199 shares. The stock had previously closed at $39.73.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on ALAB shares. Craig Hallum decreased their price target on Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Jefferies Financial Group started coverage on shares of Astera Labs in a research report on Monday, April 15th. They issued a “buy” rating and a $85.00 price target for the company. Morgan Stanley cut their target price on shares of Astera Labs from $85.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. Finally, Barclays reduced their target price on Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $71.36.
Astera Labs Stock Performance
The firm has a 50 day simple moving average of $54.88.
Astera Labs (NASDAQ:ALAB – Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The firm 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% compared to the same quarter last year. Equities research analysts predict that Astera Labs, Inc. will post -0.56 EPS for the current fiscal year.
Institutional Investors Weigh In On Astera Labs
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank acquired a new stake in Astera Labs during the second quarter worth $74,000. Legato Capital Management LLC bought a new position in shares of Astera Labs during the 2nd quarter worth about $207,000. Alpine Global Management LLC acquired a new stake in shares of Astera Labs during the 1st quarter valued at about $272,000. Strategic Blueprint LLC acquired a new stake in shares of Astera Labs during the 2nd quarter valued at about $332,000. Finally, Central Pacific Bank Trust Division bought a new stake in Astera Labs in the first quarter valued at about $402,000.
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.