Astera Labs (NASDAQ:ALAB) Shares Down 7.7% - Here's Why

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s stock price was down 7.7% during mid-day trading on Monday . The company traded as low as $54.92 and last traded at $54.43. Approximately 247,371 shares changed hands during trading, a decline of 93% from the average daily volume of 3,790,262 shares. The stock had previously closed at $58.96.

Wall Street Analyst Weigh In

ALAB has been the topic of a number of recent analyst reports. Raymond James initiated coverage on shares of Astera Labs in a report on Friday, March 14th. They issued an "outperform" rating and a $82.00 price target on the stock. Barclays increased their target price on shares of Astera Labs from $87.00 to $135.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Stifel Nicolaus reduced their price target on shares of Astera Labs from $150.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Needham & Company LLC reiterated a "buy" rating and issued a $140.00 price objective on shares of Astera Labs in a research report on Tuesday, February 11th. Finally, Craig Hallum boosted their target price on Astera Labs from $105.00 to $125.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $109.25.

Astera Labs Price Performance

The firm's 50 day simple moving average is $66.35 and its two-hundred day simple moving average is $91.14. The firm has a market capitalization of $10.72 billion and a P/E ratio of -38.21.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its earnings results on Monday, February 10th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.16). Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. As a group, equities research analysts forecast that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling at Astera Labs

In other Astera Labs news, CFO Michael Truett Tate sold 34,474 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $92.07, for a total value of $3,174,021.18. Following the completion of the sale, the chief financial officer now owns 244,242 shares in the company, valued at approximately $22,487,360.94. This trade represents a 12.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jitendra Mohan sold 350,680 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $89.51, for a total value of $31,389,366.80. Following the transaction, the chief executive officer now directly owns 2,353,655 shares in the company, valued at $210,675,659.05. This trade represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 633,990 shares of company stock valued at $54,235,012 in the last quarter.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in shares of Astera Labs by 0.8% during the third quarter. Geode Capital Management LLC now owns 444,887 shares of the company's stock valued at $23,312,000 after buying an additional 3,628 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Astera Labs during the 3rd quarter worth approximately $203,000. Tidal Investments LLC grew its holdings in shares of Astera Labs by 81.8% during the 3rd quarter. Tidal Investments LLC now owns 45,298 shares of the company's stock worth $2,373,000 after acquiring an additional 20,388 shares during the period. JPMorgan Chase & Co. raised its position in shares of Astera Labs by 3.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,568,314 shares of the company's stock worth $82,164,000 after acquiring an additional 47,569 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Astera Labs by 78.3% in the 4th quarter. GAMMA Investing LLC now owns 510 shares of the company's stock valued at $68,000 after purchasing an additional 224 shares during the period. 60.47% of the stock is 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.