Astera Labs (NASDAQ:ALAB) Shares Down 5.1%

Astera Labs, Inc. (NASDAQ:ALAB)’s share price was down 5.1% during mid-day trading on Tuesday . The company traded as low as $55.83 and last traded at $55.89. Approximately 624,228 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 2,264,879 shares. The stock had previously closed at $58.91.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ALAB shares. Barclays started coverage on Astera Labs in a research report on Monday, April 15th. They issued an “overweight” rating and a $85.00 target price on the stock. Evercore ISI assumed coverage on Astera Labs in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $100.00 target price on the stock. Roth Mkm assumed coverage on Astera Labs in a research note on Monday, April 15th. They set a “buy” rating and a $85.00 price target on the stock. Stifel Nicolaus assumed coverage on Astera Labs in a research note on Monday, April 15th. They set a “buy” rating and a $81.00 price target on the stock. Finally, Northland Securities assumed coverage on Astera Labs in a research note on Monday, March 25th. They set an “outperform” rating and a $85.00 price target on the stock. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $86.09.

Astera Labs Stock Down 3.1 %

The company has a 50 day moving average of $65.53.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($1.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($1.62). The company had revenue of $65.26 million during the quarter, compared to the consensus estimate of $56.65 million. On average, equities research analysts predict that Astera Labs, Inc. will post -0.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Astera Labs

Several institutional investors have recently added to or reduced their stakes in the business. Alpine Global Management LLC acquired a new position in Astera Labs in the first quarter valued at approximately $272,000. Central Pacific Bank Trust Division acquired a new position in Astera Labs in the first quarter valued at approximately $402,000. Sei Investments Co. acquired a new position in Astera Labs in the first quarter valued at approximately $952,000. Forge First Asset Management Inc. acquired a new position in Astera Labs in the first quarter valued at approximately $1,143,000. Finally, Renaissance Capital LLC acquired a new position in Astera Labs in the second quarter valued at approximately $1,198,000.

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.