ALAB: Nov 360/240 put spread
Astera Labs ran 20% last week to $365 and now trades at 57x forward earnings into a Q3 print Yahoo pencils in for Nov 3. The chain prices a 26.9% move through November with IV only at the 47th percentile, so the 360/240 put spread costs $36.37 on $120 of width and pays if the print resets the multiple.
- Ticker: ALAB
- Direction: Bearish
- Risk profile: earnings
- Confidence: low
- Catalyst: Q3 2026 earnings (Yahoo estimate) (2026-11-03)
- Cohort: 2026-09-27
- Expires: 2026-10-04
- Max loss: $36.37
- Max gain: $83.63
Structure
- long put 360 2026-11-20
- short put 240 2026-11-20
Signals
- Week change: +20.2%, top of the tracked universe (DB)
- Forward P/E: 57x (web_search)
- IV percentile (52w): 47th; Nov implied move 26.9% (DB)
- Put vs call ATM open interest: 324 puts vs 116 calls at the 360 strike (DB)
What invalidates this thesis
A guide raise on custom-silicon connectivity would justify the multiple; a close above the $499 52-week high invalidates the fade.