Astera Labs (NASDAQ:ALAB) Shares Gap Down to $63.16

Shares of Astera Labs, Inc. (NASDAQ:ALAB) gapped down prior to trading on Friday . The stock had previously closed at $63.16, but opened at $60.84. Astera Labs shares last traded at $61.30, with a volume of 661,363 shares.

Analyst Ratings Changes

ALAB has been the subject of a number of research reports. JPMorgan Chase & Co. initiated coverage on shares of Astera Labs in a report on Monday, April 15th. They issued an “overweight” rating and a $85.00 price objective for the company. Northland Securities initiated coverage on shares of Astera Labs in a report on Monday, March 25th. They issued an “outperform” rating and a $85.00 price objective for the company. Stifel Nicolaus initiated coverage on shares of Astera Labs in a report on Monday, April 15th. They issued a “buy” rating and a $81.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of Astera Labs in a report on Wednesday, May 8th. Finally, Jefferies Financial Group initiated coverage on shares of Astera Labs in a report on Monday, April 15th. They issued a “buy” rating and a $85.00 price objective for the company. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $86.09.

Astera Labs Stock Performance

The business has a fifty day moving average of $70.12.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($1.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($1.62). The company had revenue of $65.26 million for the quarter, compared to analyst estimates of $56.65 million. As a group, equities analysts forecast that Astera Labs, Inc. will post -0.56 earnings per share for the current year.

Institutional Trading of Astera Labs

Hedge funds have recently bought and sold shares of the business. Alpine Global Management LLC acquired a new stake in Astera Labs in the 1st quarter valued at $272,000. Central Pacific Bank Trust Division acquired a new stake in Astera Labs in the 1st quarter valued at $402,000. Sei Investments Co. acquired a new stake in Astera Labs in the 1st quarter valued at $952,000. Forge First Asset Management Inc. purchased a new position in Astera Labs during the 1st quarter worth $1,143,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Astera Labs during the 1st quarter worth $1,484,000.

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.