Astera Labs (NASDAQ:ALAB) Stock Price Down 2.1%

Astera Labs, Inc. (NASDAQ:ALAB) traded down 2.1% during trading on Monday . The company traded as low as $39.30 and last traded at $40.05. 411,818 shares were traded during mid-day trading, a decline of 81% from the average session volume of 2,218,249 shares. The stock had previously closed at $40.91.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ALAB shares. Morgan Stanley cut their price objective on shares of Astera Labs from $85.00 to $55.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Roth Mkm reduced their price target on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price objective on Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a research report 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. Finally, Evercore ISI reduced their price objective on Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $71.36.

Astera Labs Price Performance

The stock’s fifty day simple moving average is $54.46.

Astera Labs (NASDAQ:ALAB) last issued its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $76.90 million for the quarter, compared to analysts’ expectations of $72.41 million. Astera Labs’s quarterly revenue was up 17.8% compared to the same quarter last year. On average, analysts forecast that Astera Labs, Inc. will post -0.56 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank purchased a new stake in Astera Labs during the second quarter worth $74,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Astera Labs by 2.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 91,408 shares of the company’s stock worth $5,531,000 after purchasing an additional 2,343 shares during the last quarter. Legato Capital Management LLC bought a new stake in Astera Labs during the second quarter valued at about $207,000. Alpine Global Management LLC purchased a new position in Astera Labs in the first quarter valued at about $272,000. Finally, Strategic Blueprint LLC purchased a new position in Astera Labs in the second quarter valued at about $332,000.

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.