Astera Labs (NASDAQ:ALAB) Stock Price Up 4.5%

Shares of Astera Labs, Inc. (NASDAQ:ALAB) shot up 4.5% during mid-day trading on Friday . The company traded as high as $61.80 and last traded at $60.50. 390,515 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 2,332,318 shares. The stock had previously closed at $57.88.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ALAB. Jefferies Financial Group assumed coverage on shares of Astera Labs in a report on Monday, April 15th. They issued a “buy” rating and a $85.00 target price on the stock. Needham & Company LLC restated a “buy” rating and set a $85.00 target price on shares of Astera Labs in a research report on Wednesday, May 8th. JPMorgan Chase & Co. assumed coverage on shares of Astera Labs in a research report on Monday, April 15th. They set an “overweight” rating and a $85.00 target price on the stock. Craig Hallum assumed coverage on shares of Astera Labs in a research report on Monday, April 15th. They set a “buy” rating and a $90.00 target price on the stock. Finally, Stifel Nicolaus assumed coverage on shares of Astera Labs in a research report on Monday, April 15th. They set a “buy” rating and a $81.00 target price on the stock. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $86.09.

Astera Labs Stock Performance

The company has a 50-day moving average of $68.85.

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. Equities research analysts expect that Astera Labs, Inc. will post -0.56 earnings per share for the current year.

Hedge Funds Weigh In On Astera Labs

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALAB. Vanguard Group Inc. bought a new position in Astera Labs in the 1st quarter valued at approximately $127,268,000. Capital World Investors bought a new position in Astera Labs in the 1st quarter valued at approximately $44,514,000. Price T Rowe Associates Inc. MD bought a new position in Astera Labs in the 1st quarter valued at approximately $44,514,000. Bamco Inc. NY bought a new position in Astera Labs in the 1st quarter valued at approximately $37,095,000. Finally, Lord Abbett & CO. LLC bought a new position in Astera Labs in the 1st quarter valued at approximately $33,141,000.

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.