Astera Labs, Inc. (NASDAQ:ALAB – Get Free Report)’s stock price was down 0.5% during mid-day trading on Wednesday . The company traded as low as $38.01 and last traded at $38.96. Approximately 459,056 shares were traded during trading, a decline of 80% from the average daily volume of 2,271,455 shares. The stock had previously closed at $39.16.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on the stock. Evercore ISI cut their price target on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their price objective on Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Barclays reduced their target price on Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Craig Hallum lowered their price target on Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Morgan Stanley reduced their price objective on Astera Labs from $85.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Astera Labs currently has a consensus rating of “Moderate Buy” and an average target price of $71.36.
View Our Latest Report on Astera Labs
Astera Labs Stock Up 0.2 %
Astera Labs (NASDAQ:ALAB – Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $76.90 million during 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. On average, analysts forecast that Astera Labs, Inc. will post -0.56 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Astera Labs
A number of hedge funds and other institutional investors have recently bought and sold shares of ALAB. Amalgamated Bank purchased a new stake in Astera Labs during the 2nd quarter worth approximately $74,000. Legato Capital Management LLC purchased a new position in Astera Labs in the second quarter valued at $207,000. Alpine Global Management LLC acquired a new position in Astera Labs during the 1st quarter worth $272,000. Strategic Blueprint LLC purchased a new stake in Astera Labs during the 2nd quarter worth about $332,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Astera Labs in the 2nd quarter valued at about $341,000.
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.
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