Astera Labs, Inc. (NASDAQ:ALAB) Sees Large Decrease in Short Interest

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

Astera Labs Stock Up 3.7 %

Shares of Astera Labs stock opened at $103.25 on Friday. The company has a 50-day moving average of $75.22 and a two-hundred day moving average of $61.00. Astera Labs has a 12-month low of $36.22 and a 12-month high of $113.85.

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Evercore ISI reduced their price objective on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Roth Mkm upped their price target on Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Barclays lifted their price objective on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Craig Hallum upped their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $94.67.

Insider Buying and Selling

In other Astera Labs news, CEO Jitendra Mohan sold 173,366 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 600,000 shares of the company’s stock, valued at approximately $66,072,000. This trade represents a 22.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Stefan A. Dyckerhoff sold 7,814 shares of the company’s 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 completion of the sale, the director now directly owns 121,803 shares of the company’s stock, valued at $13,053,627.51. The trade was a 6.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,897,820 shares of company stock worth $168,252,298 in the last quarter.

Hedge Funds Weigh In On Astera Labs

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its position in shares of Astera Labs by 0.7% in the third quarter. FMR LLC now owns 23,504,038 shares of the company’s stock valued at $1,231,377,000 after purchasing an additional 153,491 shares during the last quarter. Fred Alger Management LLC lifted its stake in Astera Labs by 1,361.0% in the 3rd quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock valued at $147,840,000 after buying an additional 2,628,765 shares in the last quarter. Vanguard Group Inc. acquired a new stake in Astera Labs during the 1st quarter valued at $127,268,000. Maverick Capital Ltd. increased its position in Astera Labs by 16.0% during the third quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company’s stock worth $60,575,000 after buying an additional 159,480 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Astera Labs in the third quarter worth $52,049,000.

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.