What smart money is saying about AstroNova
ALOT
No fund has written a full thesis on AstroNova in our archive, but 3 fund letters report a position in it — most recently Atai Capital Management in March 2026.
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3
Reported positions
1
Bought
1
Sold
3
Letters
Position history
Between Q2 2025 and Q1 2026, 3 fund letters reported a position in AstroNova — 1 opened or added to the position, 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q1 2026 | 1 | 1 | 0 | 0 |
| Q2 2025 | 2 | 0 | 1 | 0 |
Fund activity · 3 positions · 2 moves
- AddedAtai Capital ManagementMarch 2026
“AstroNova Inc. (“ALOT”) Update: As mentioned in the email I sent with this letter, this update was originally quite lengthy. However, I have chosen not to include it because it’s no longer relevant, as I am happy to report that AstroNova was acquired last week for $29/share. We have owned AstroNova in various sizes since the firm's inception three and a half years ago, and, as many of you know, what started off as a straightforward investment with a clear path to value realization became highly distorted and frustrating after the company acquired MTEX in mid-2024. That acquisition ultimately proved highly unprofitable and led to a proxy fight at the company. Luckily, the proxy battle was won, and the CEO responsible for the acquisition was removed around this time last year. But because of that acquisition, the company was left saddled with debt, and we subsequently trimmed our position over time. However, as the new management team continued to prove themselves, started to pay down debt, unwound working capital, lowered capital expenditures to essentially nothing, increased margins, and the aerospace business started to “take off,” pun intended, we added to our position earlier this year before the company announced strategic alternatives. When the announcement was made, our original expectation was a takeout price in the $18-$24 range, which eventually led us to slightly trimming our position before the takeout, as the share price was very close to the low end of our anticipated range.”
AstroNova - TrimmedAtai CapitalJune 2025
“We had no material detractors for the quarter, and AstroNova remains our largest detractor for the year. During the quarter, we sold out of Cable One and significantly trimmed AstroNova, both of which we’ll touch on in more detail shortly.”
AstroNova - HoldsAskeladden CapitalJune 2025
“This shift has already proven its worth. During our proxy contest at AstroNova, AI tools helped us produce the extensive ISS deck and other materials that would have been vastly more costly to prepare otherwise (i.e., we would have needed to spend an incremental six figures, and/or developed far lower quality work-product).”
AstroNova
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