Astera Labs (NASDAQ:ALAB) Shares Down 7.4% – Time to Sell?

Shares of Astera Labs, Inc. (NASDAQ:ALAB) traded down 7.4% on Thursday . The stock traded as low as $114.23 and last traded at $113.86. 1,524,183 shares traded hands during trading, a decline of 55% from the average session volume of 3,375,086 shares. The stock had previously closed at $122.95.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ALAB. Morgan Stanley cut shares of Astera Labs from an “overweight” rating to an “equal weight” rating and set a $142.00 price objective for the company. in a research report on Tuesday. Citigroup began coverage on shares of Astera Labs in a research report on Monday, November 18th. They set a “buy” rating and a $120.00 price target on the stock. Craig Hallum raised their target price on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. upped their price target on Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Three equities research analysts have 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 has a consensus rating of “Moderate Buy” and a consensus price target of $109.75.

Astera Labs Trading Down 6.6 %

The firm’s 50 day moving average is $123.01 and its two-hundred day moving average is $78.77.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The business had revenue of $113.10 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. As a group, analysts predict that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Insider Activity

In related news, CEO Jitendra Mohan sold 171,064 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $103.53, for a total transaction of $17,710,255.92. Following the completion of the transaction, the chief executive officer now owns 628,895 shares in the company, valued at approximately $65,109,499.35. The trade was a 21.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Manuel Alba sold 12,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $94.74, for a total value of $1,136,880.00. Following the completion of the sale, the director now owns 483,863 shares in the company, valued at approximately $45,841,180.62. This represents a 2.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,690,452 shares of company stock worth $167,581,256.

Hedge Funds Weigh In On Astera Labs

Several hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new position in shares of Astera Labs in the 2nd quarter valued at $1,337,000. Amalgamated Bank purchased a new stake in Astera Labs in the second quarter valued at $74,000. Marshall Wace LLP acquired a new position in Astera Labs in the second quarter valued at $2,351,000. Millennium Management LLC grew its holdings in shares of Astera Labs by 136.4% during the second quarter. Millennium Management LLC now owns 278,051 shares of the company’s stock worth $16,825,000 after purchasing an additional 160,417 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Astera Labs during the second quarter worth about $341,000. 60.47% of the stock is currently owned by hedge funds and other institutional investors.

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.