Wall Street Legend Issues Inauguration Buy Alert

If you've underperformed this raging bull market, if you've lost money or missed out... this is your final chance to potentially profit.

Astera Labs Stock Is Ripping Higher Today: What's Going On?

Vaishali Prayag
November 05, 2024

Astera Labs Inc. (NASDAQ:ALAB) shares are trading higher Tuesday after the company posted strong third-quarter financial results. Here’s what you need to know.

What To Know: Astera Labs reported earnings of 23 cents per share, surpassing estimates of 17 cents per share. The company reported quarterly revenue of $113.1 million, beating analyst estimates of $97.4 million, per Benzinga Pro. Astera’s quarterly revenue was up 206% year-over-year.

“Astera Labs delivered strong Q3 results, setting our fifth consecutive quarterly revenue record and grew 47% versus the previous quarter,” said Jitendra Mohan, CEO of Astera Labs.

“Our business has now entered a new growth phase with multiple product families ramping across AI platforms based upon both third-party GPUs and internally developed AI accelerators.”

Astera highlighted the recent introduction of its Scorpio Smart Fabric Switches. The switches are designed to improve connectivity and performance in AI systems and offer specific solutions for different needs in AI infrastructure, such as fast connections between GPUs, CPUs and storage devices.

“With expanding product portfolio including the new Scorpio Fabric Switches, we are cementing our position as a critical part of AI connectivity infrastructure, delivering increased value to our hyperscaler customers, and unlocking additional multi-year growth trajectories for Astera,” Mohan added.

Astera Labs expects fourth-quarter revenue to be between $126 million and $130 million. The company sees adjusted earnings per share in the range of 25 cents to 26 cents.

See Also: Wall Street Rallies On Election Day, Palantir Skyrockets, Bitcoin Tops $70,000: What’s Driving Markets Tuesday?

Analyst Changes: A number of analysts raised price targets following the print, which appears to be adding to the upward momentum in shares on Tuesday.

  • Barclays analyst Tom O’Malley maintained an Overweight and raised the price target from $70 to $87.
  • Craig-Hallum analyst Richard Shannon maintained a Buy and raised the price target from $75 to $105.
  • Deutsche Bank analyst Ross Seymore maintained a Buy and raised the price target from $60 to $100.
  • JPMorgan analyst Harlan Sur maintained an Overweight and raised the price target from $70 to $110.
  • Stifel analyst Tore Svanberg maintained a Buy and raised the price target from $80 to $100.
  • Morgan Stanley analyst Joseph Moore maintained an Overweight and raised the price target from $74 to $94.

ALAB Price Action: Astera Labs shares were up 37.5% at $95.73 at the time of writing, according to Benzinga Pro.

Read Next:

  • Nvidia Takes Short-Lived Lead Over Apple In Valuation

Image Via Shutterstock.

Continue Reading...

Popular

Elon Musk Want His 11 Kids, Their Mothers To Live In Secret Compound He Bought, New Report Says

Elon Musk could be building a new family compound made up of several mansions to house his children and their mothers, according to a new report.

AI Market Shock Coming November 19th? - Ad

Jeff Brown predicts an AI market shift, potentially happening by November 19th, led by Bill Gates' Stargate project. Get ahead of the curve before the next AI market shock.

Trump Has Asked Me To Do 3 Things, Says Robert Kennedy Jr.

Robert Kennedy Jr. revealed Trump's directive to tackle health agency corruption, promote science, and end chronic disease.

Sumitomo Rubber closing western New York tire plant and cutting 1,550 jobs

TONAWANDA, N.Y. (AP) — Sumitomo Rubber announced Thursday it will close its western New York tire manufacturing plant and eliminate all 1,550 union and salaried jobs.

Wavebot: The Automated Trading Tool for This Bull Market - Ad

October through December are historically among the most bullish months for crypto. WaveBot -- an automated trading tool that takes all the guesswork out of profiting in crypto. It trades key levels, buying dips and selling at the perfect time, 24/7. All you need to do is set it up. After that, WaveBot takes care of everything.

Cathie Wood Bets Big On Mark Zuckerberg: Ark Pours $19M Into Meta Shares, Dumps Palantir And Tesla Stock

On Thursday, the Cathie Wood-led Ark Invest made significant moves in the market, with prominent trades involving Tesla Inc. (NASDAQ:TSLA), Meta Platforms Inc.

Jim Cramer Says Salesforce Agentforce Is The Best Use Of AI He Has Seen: 'Makes Sense That The Stock Has Gone Up So Much'

Cramer took to X to express his admiration for Salesforce's Agentforce, calling it "pretty revolutionary." He also noted that the stock's significant rise was a logical outcome of this groundbreaking AI application.

Urgent New Announcement from Porter Stansberry - Ad

"We recommended Nvidia in 2016, now we're recommending this little-known AI company." There is only one artificial intelligence company that matters... and it's not even an AI company. It's this obscure military backed contractor that the AI market needs to survive.

Sam Altman, Bill Gates and More Are Making Some Strange Investments - Ad

As a Silicon Valley insider, Michael Robinson's uncovered an even bigger story than AI... A mysterious investment that could be the savior of the tech industry. Big Tech executives -- including Sam Altman, Bill Gates and Mark Zuckerberg -- are throwing large sums of money at it. This is the next frontier of tech investing...

Will people leave Florida after devastating hurricanes? History suggests not

ORLANDO, Fla. (AP) — The news rippled through Treasure Island, Florida, almost like a third storm: The mayor planned to move off the barrier island a month after flooded tens of thousands of homes along the Gulf Coast and two weeks after also ravaged the state.

At least 11 employees injured in explosion at Kentucky business

LOUISVILLE, Ky. (AP) — At least 11 employees were taken to hospitals and residents were urged to shelter in place on Tuesday after an explosion at a Louisville, Kentucky, business.

The 20 Year Bull Market Is Here - And This Tiny Company Holds the Keys - Ad

Without vast amounts of energy, AI will NEVER scale. Microsoft, Tesla and Google are all begging for more. Even signing multi-decade deals to secure private sources of this powerful energy to fuel their data centers.. Best of all, a company with quite possibly the most potential in this sector trades for less than $1...

FBI Investigating Racist Text Message Campaign Following Election

The FBI is investigating a series of offensive and racist text messages targeting various communities in the wake of the presidential election.

Lyft pays $2.1 million to settle case alleging the ride-hailing service deceived drivers

SAN FRANCISCO (AP) — Lyft is paying $2.1 million to settle a lawsuit accusing the ride-hailing service of exaggerating how much money drivers could make while the company was trying to recover from a steep downturn in demand during the pandemic.

Crypto Profit Floodgates Open With Trump Presidency - Ad

As Bitcoin heads towards $100k, this video shows you how to make HUGE gains from Crypto's $82 Billion 'Trump-Pump'...Without buying a single Bitcoin! But you must get in before January 20th -- Trump's inauguration day -- for the biggest gains...

A suspected attack by Yemen's Houthi rebels sees explosions near ship in Red Sea

DUBAI, United Arab Emirates (AP) — A suspected attack by saw multiple explosions strike near a vessel traveling through the Red Sea on Tuesday, though no damage was immediately reported by the ship, authorities said.

Bumble Catalysts Show Efficiency Gains, But Analyst Flags Growth Risks

BofA analyst reiterates underperform rating on Bumble with a $5.75 price target, citing OPEX efficiency improvements, in-line revenue, and cautious outlook.

The Real Hillbilly Elegy - Ad

Obama and Biden's "War on Coal" has left nothing but devastation in its wake. In the beautiful hill-towns of Appalachia, unemployment is sky-high, wages are at record lows. Addiction has overwhelmed these once thriving coal towns. But in a strange twist of fate, something incredible is taking place. A breakthrough that could end America's energy woes and send one government-backed stock climbing.

Bluesky has added 1 million users since the US election as people seek alternatives to X

LOS ANGELES (AP) — Social media site has gained 1 million new users in the week since the U.S. election, as some X users look for an alternative platform to post their thoughts and engage with others online.

Shocking Footage from Bill Gates' $100 Billion AI Project - Ad

Jeff Brown flew to Wisconsin to witness Bill Gates' $100 billion AI project firsthand. What he uncovered will blow your mind!

Text of the policy statement the Federal Reserve released Thursday

WASHINGTON (AP) — Below is the statement the Federal Reserve released Thursday after its latest policy meeting ended:

The Dark Truth About AI Stocks - Ad

All the signs show the AI market is about to reverse. And unless you know what's really going on in this sector, you could be wiped out. Inside this new expose, you'll discover exactly how the AI crisis will unfold... how you can prepare for it before it's too late... and how you can potentially profit from it, too.

Financial market worries over the UK budget appear to ease

LONDON (AP) — Worries about this week's within financial markets appeared to ease Friday with the interest rates charged on British debt steadying and the pound rising against most other currencies.

Tesla shares soar 14% as Trump win sets stage for Elon Musk's electric vehicle company

NEW YORK (AP) — Shares of Tesla soared Wednesday following an election that will send Donald Trump back to the White House, an outcome that has been in the closing months of the race.

Our No. 1 Defense Stock to Own Right Now - Ad

In multiple wargames, U.S. forces were overwhelmed and unable to stop Chinese amphibious assaults from seizing the island. With tensions at a boiling point, the economic fallout could be devastating. Get the details on the weapons makers set to boom if war breaks out.

South Dakota's Adult-Use Cannabis Legalization Ballot Sparks Major Funding Race

South Dakota's cannabis legalization vote sees nearly equal funding, with industry backing and strong local opposition shaping the debate.

Numinus Wellness Sells US Clinics, Partners With Stella For Tech-Driven Mental Health Solutions

Numinus Wellness sells U.S. clinics to Stella for $3.5M, in a partnership to develop tech-driven solutions for mental health providers.

24/7 Automated Profits in Crypto - Ad

October through December are historically among the most bullish months for crypto. WaveBot -- an automated trading tool that takes all the guesswork out of profiting in crypto. It trades key levels, buying dips and selling at the perfect time, 24/7. All you need to do is set it up. After that, WaveBot takes care of everything.

Gold is suddenly not so glittery after Trump's White House victory

NEW YORK (AP) — After ripping higher for much of this year, the price of gold has suddenly become not so golden since Donald Trump's victory in the presidential election.

Jim Cramer Warns Apple Stock Should Have 'Never Been Up That Much' After Q3 Earnings Even As This Analyst Defends iPhone 16 Launch

Jim Cramer argued that Apple's stock was overhyped prior to its forecast cut, suggesting the market is now more "reasonable," while Wedbush analyst Dan Ives praised Apple's strong iPhone 16 launch.

3 Cryptocurrencies Better Than Bitcoin - Ad

According to Ian King, the election re-opened the crypto profit floodgates for all Americans. In this new presentation, Ian explains why the election has set off these 3 specific BETTER than bitcoin cryptocurrencies.

Pentagon Officials Weigh Responses To Possible Illegal Orders Under Trump

As President-elect Donald Trump prepares to take office for the second time, Pentagon officials are reportedly strategizing their response to potential controversial orders.

Discover Canada's Hidden $54,000 Rocks That Could Power the Future of AI! - Ad

A tiny company has found something incredible in North America: boulders worth up to $54,000 each. Contained in each is a super fuel, packed with deposits 8x richer than the global average, it may be the only deposit in the world of this caliber. With energy prices soaring, this tiny miner is set to become a major player in powering AI and beyond. Unearth this rare opportunity before Wall Street finds out what they've discovered.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service