Astera Labs, Inc. (ALAB) Sees a More Significant Dip Than Broader Market: Some Facts to Know

The latest trading session saw Astera Labs, Inc. (ALAB) ending at $73.50, denoting a -0.77% adjustment from its last day's close. The stock's change was less than the S&P 500's daily loss of 0.33%. Meanwhile, the Dow lost 0.22%, and the Nasdaq, a tech-heavy index, lost 0.56%.The the stock of company has risen by 46.15% in the past month, leading the Computer and Technology sector's gain of 2.83% and the S&P 500's gain of 1.83%.Analysts and investors alike will be keeping a close eye on the performance of Astera Labs, Inc. in its upcoming earnings disclosure. The company's earnings report is set to go public on November 4, 2024.Any recent changes to analyst estimates for Astera Labs, Inc. should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Astera Labs, Inc. currently has a Zacks Rank of #2 (Buy).Digging into valuation, Astera Labs, Inc. currently has a Forward P/E ratio of 126.77. For comparison, its industry has an average Forward P/E of 34.22, which means Astera Labs, Inc. is trading at a premium to the group.The Electronics - Semiconductors industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 95, putting it in the top 38% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow ALAB in the coming trading sessions, be sure to utilize Zacks.com.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Astera Labs, Inc. (ALAB): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks