Astera Labs, Inc. (NASDAQ:ALAB) Short Interest Up 12.8% in September

16 Oct 2024, 10:22 by Michael Walen · The Markets Daily

Astera Labs, Inc. (NASDAQ:ALAB – Get Free Report) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 11,100,000 shares, an increase of 12.8% from the September 15th total of 9,840,000 shares. Based on an average daily volume of 3,010,000 shares, the days-to-cover ratio is presently 3.7 days. Currently, 9.8% of the company’s shares are sold short.

Analyst Ratings Changes

A number of research analysts recently weighed in on ALAB shares. Deutsche Bank Aktiengesellschaft reduced their target price on 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. decreased their target price on Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Stifel Nicolaus cut their price target on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price target on shares of Astera Labs in a research report on Wednesday, October 9th. Finally, Craig Hallum dropped their price objective on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Astera Labs currently has a consensus rating of “Buy” and an average target price of $73.09.

Read Our Latest Stock Analysis on ALAB

Astera Labs Trading Down 3.8 %

ALAB opened at $62.47 on Wednesday. The firm’s 50 day moving average is $46.67 and its 200-day moving average is $58.06. Astera Labs has a 52-week low of $36.22 and a 52-week high of $95.21.

Astera Labs (NASDAQ:ALAB – Get Free Report) last released its quarterly earnings results 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 firm had revenue of $76.90 million for the quarter, compared to analysts’ expectations of $72.41 million. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, sell-side analysts anticipate that Astera Labs will post -0.54 EPS for the current year.

Insiders Place Their Bets

In related news, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the completion of the transaction, the general counsel now directly owns 333,474 shares in the company, valued at approximately $13,482,353.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Astera Labs news, insider Sanjay Gajendra sold 110,000 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $69.47, for a total transaction of $7,641,700.00. Following the transaction, the insider now owns 835,000 shares of the company’s stock, valued at $58,007,450. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Philip Mazzara sold 42,090 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the sale, the general counsel now directly owns 333,474 shares of the company’s stock, valued at $13,482,353.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 564,458 shares of company stock valued at $31,970,841 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ALAB. Vanguard Group Inc. acquired a new stake in Astera Labs during the 1st quarter valued at approximately $127,268,000. Capital World Investors acquired a new stake in shares of Astera Labs during the first quarter worth approximately $44,514,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Astera Labs in the first quarter worth $44,514,000. Bamco Inc. NY bought a new stake in shares of Astera Labs in the first quarter worth $37,095,000. Finally, Lord Abbett & CO. LLC acquired a new stake in Astera Labs in the first quarter valued at $33,141,000.

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