Astera Labs (NASDAQ:ALAB) Trading Down 6.1%

Astera Labs, Inc. (NASDAQ:ALAB) shares fell 6.1% during mid-day trading on Monday . The company traded as low as $56.73 and last traded at $56.84. 270,925 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 2,340,176 shares. The stock had previously closed at $60.51.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ALAB. Evercore ISI began 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 began coverage on Astera Labs in a research report on Monday, April 15th. They issued a “buy” rating and a $85.00 target price on the stock. Jefferies Financial Group began coverage on Astera Labs in a research report on Monday, April 15th. They issued a “buy” rating and a $85.00 target price on the stock. Morgan Stanley began coverage on Astera Labs in a research report on Monday, April 15th. They issued an “overweight” rating and a $81.00 target price on the stock. Finally, Northland Securities began coverage on Astera Labs in a research report on Monday, March 25th. They issued an “outperform” rating and a $85.00 target price on the stock. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $86.09.

Astera Labs Price Performance

The business has a 50-day simple moving average of $68.85.

Astera Labs (NASDAQ:ALAB) last issued its earnings results on Tuesday, May 7th. The company reported ($1.76) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($1.62). The business had revenue of $65.26 million during the quarter, compared to analysts’ expectations of $56.65 million. As a group, 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 large investors have recently added to or reduced their stakes in the stock. Alpine Global Management LLC acquired a new stake in Astera Labs in the first quarter worth $272,000. Central Pacific Bank Trust Division bought a new position in shares of Astera Labs in the first quarter worth $402,000. Sei Investments Co. bought a new position in shares of Astera Labs in the first quarter worth $952,000. Forge First Asset Management Inc. bought a new position in shares of Astera Labs in the first quarter worth $1,143,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Astera Labs in the first quarter worth $1,484,000.

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.