Short Interest in Astera Labs, Inc. (NASDAQ:ALAB) Declines By 14.4%

Astera Labs, Inc. (NASDAQ:ALAB) saw a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 9,840,000 shares, a drop of 14.4% from the August 31st total of 11,490,000 shares. Currently, 8.9% of the shares of the company are sold short. Based on an average daily trading volume, of 2,660,000 shares, the days-to-cover ratio is currently 3.7 days.

Insider Transactions at Astera Labs

In other news, Director Manuel Alba sold 37,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.32, for a total value of $1,861,840.00. Following the transaction, the director now directly owns 498,863 shares in the company, valued at approximately $25,102,786.16. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Manuel Alba sold 37,000 shares of Astera Labs stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.32, for a total value of $1,861,840.00. Following the sale, the director now directly owns 498,863 shares in the company, valued at approximately $25,102,786.16. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Sanjay Gajendra sold 76,701 shares of Astera Labs stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the completion of the sale, the insider now owns 855,000 shares in the company, valued at $38,748,600. The disclosure for this sale can be found here. In the last three months, insiders have sold 276,791 shares of company stock worth $12,933,588.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Amalgamated Bank purchased a new position in shares of Astera Labs in the second quarter worth approximately $74,000. Massachusetts Financial Services Co. MA increased its position in shares of Astera Labs by 2.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 91,408 shares of the company’s stock worth $5,531,000 after acquiring an additional 2,343 shares in the last quarter. Newbridge Financial Services Group Inc. increased its position in shares of Astera Labs by 11,920.0% in the second quarter. Newbridge Financial Services Group Inc. now owns 3,005 shares of the company’s stock worth $182,000 after acquiring an additional 2,980 shares in the last quarter. Legato Capital Management LLC purchased a new position in shares of Astera Labs in the second quarter worth approximately $207,000. Finally, Alpine Global Management LLC purchased a new position in shares of Astera Labs in the first quarter worth approximately $272,000.

Astera Labs Stock Performance

Shares of ALAB opened at $53.52 on Monday. The stock has a 50 day simple moving average of $43.99. Astera Labs has a 12-month low of $36.22 and a 12-month high of $95.21.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $76.90 million during the quarter, compared to analyst estimates of $72.41 million. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. As a group, research analysts forecast that Astera Labs will post -0.54 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on ALAB shares. Roth Mkm cut their price objective on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Stifel Nicolaus dropped their price target on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Barclays dropped their price target on shares of Astera Labs from $85.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC dropped their price target on shares of Astera Labs from $85.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $71.36.

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.