Astera Labs (NASDAQ:ALAB) Trading Up 10.6%

Shares of Astera Labs, Inc. (NASDAQ:ALAB) shot up 10.6% during mid-day trading on Thursday . The stock traded as high as $43.20 and last traded at $42.97. 567,746 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 2,213,047 shares. The stock had previously closed at $38.86.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ALAB shares. Evercore ISI decreased their price target on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC dropped their price target on Astera Labs from $85.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their price target on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Craig Hallum lowered their price objective on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus dropped their target price on Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a report on Monday, August 5th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $71.36.

Astera Labs Stock Performance

The firm has a 50 day moving average price of $54.00.

Astera Labs (NASDAQ:ALAB) last issued its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $76.90 million for the quarter, compared to analyst estimates of $72.41 million. The business’s quarterly revenue was up 17.8% on a year-over-year basis. Analysts anticipate that Astera Labs, Inc. will post -0.56 earnings per share for the current fiscal year.

Institutional Trading of Astera Labs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. acquired a new stake in shares of Astera Labs during the first quarter worth $952,000. Vanguard Group Inc. acquired a new stake in Astera Labs in the first quarter valued at about $127,268,000. Forge First Asset Management Inc. acquired a new position in Astera Labs during the 1st quarter worth approximately $1,143,000. Price T Rowe Associates Inc. MD acquired a new position in Astera Labs during the 1st quarter worth approximately $44,514,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Astera Labs in the 1st quarter valued at approximately $18,666,000.

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.