Astera Labs, Inc. (NASDAQ:ALAB) Short Interest Down 16.3% in November

Astera Labs, Inc. (NASDAQ:ALAB) saw a significant decrease in short interest in November. As of November 15th, there was short interest totalling 8,910,000 shares, a decrease of 16.3% from the October 31st total of 10,640,000 shares. Based on an average daily volume of 4,670,000 shares, the short-interest ratio is presently 1.9 days. Approximately 7.8% of the company’s shares are sold short.

Insiders Place Their Bets

In other news, Director Stefan A. Dyckerhoff sold 7,814 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $107.17, for a total transaction of $837,426.38. Following the sale, the director now owns 121,803 shares of the company’s stock, valued at approximately $13,053,627.51. This represents a 6.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jitendra Mohan sold 173,366 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $110.12, for a total transaction of $19,091,063.92. Following the completion of the transaction, the chief executive officer now directly owns 600,000 shares of the company’s stock, valued at approximately $66,072,000. The trade was a 22.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,897,820 shares of company stock worth $168,252,298 over the last ninety days.

Hedge Funds Weigh In On Astera Labs

A number of hedge funds have recently modified their holdings of ALAB. Vanguard Group Inc. purchased a new stake in Astera Labs in the 1st quarter valued at $127,268,000. Linden Thomas Advisory Services LLC purchased a new stake in shares of Astera Labs in the second quarter valued at about $3,187,000. Renaissance Capital LLC purchased a new stake in shares of Astera Labs in the second quarter valued at about $1,198,000. Great Valley Advisor Group Inc. acquired a new stake in shares of Astera Labs during the second quarter worth about $443,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Astera Labs during the second quarter worth about $8,361,000.

Analysts Set New Price Targets

ALAB has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price objective on shares of Astera Labs in a research report on Wednesday, October 9th. JPMorgan Chase & Co. upped their price target on Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lifted their price objective on Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Evercore ISI lowered their price objective on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus raised their target price on shares of Astera Labs from $80.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $94.67.

Astera Labs Stock Performance

NASDAQ ALAB opened at $103.25 on Monday. The company has a fifty day moving average of $75.22 and a two-hundred day moving average of $60.88. Astera Labs has a 1 year low of $36.22 and a 1 year high of $113.85.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. The firm had revenue of $113.10 million during the quarter, compared to analysts’ expectations of $97.50 million. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. Astera Labs’s revenue for the quarter was up 47.1% on a year-over-year basis. As a group, analysts predict that Astera Labs will post -0.45 EPS for the current year.

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.