Short Interest in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Increases By 5.3%

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 12,310,000 shares, a growth of 5.3% from the October 15th total of 11,690,000 shares. Based on an average daily volume of 2,150,000 shares, the short-interest ratio is presently 5.7 days. Currently, 10.1% of the company’s stock are sold short.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $19.07 on Monday. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -136.20 and a beta of 1.69. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The stock’s fifty day moving average price is $21.66 and its 200 day moving average price is $25.39. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The business had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. During the same period in the prior year, the company earned $0.36 earnings per share. The company’s revenue was down 32.0% on a year-over-year basis.

Institutional Trading of Allegro MicroSystems

Institutional investors and hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc raised its holdings in shares of Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after buying an additional 603 shares during the last quarter. KBC Group NV lifted its holdings in shares of Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after buying an additional 1,042 shares during the period. CWM LLC boosted its stake in shares of Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after buying an additional 921 shares during the last quarter. Finally, Van ECK Associates Corp acquired a new stake in Allegro MicroSystems during the third quarter worth about $172,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALGM has been the subject of a number of recent research reports. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a report on Friday, October 18th. UBS Group started coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective for the company. Barclays lowered their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Loop Capital started coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. Finally, Morgan Stanley assumed coverage on Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective for the company. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.80.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.