Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Free Report) was the target of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 11,400,000 shares, a decrease of 12.0% from the November 30th total of 12,950,000 shares. Based on an average trading volume of 1,970,000 shares, the days-to-cover ratio is currently 5.8 days. Currently, 9.3% of the shares of the stock are short sold.
Wall Street Analyst Weigh In
Several brokerages have commented on ALGM. Barclays dropped their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Morgan Stanley started coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price on the stock. Mizuho set a $26.00 price objective on Allegro MicroSystems in a research note on Friday, October 18th. Needham & Company LLC dropped their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Finally, UBS Group began coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price for the company. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.09.
Get Our Latest Research Report on ALGM
Insider Activity
Institutional Investors Weigh In On Allegro MicroSystems
Hedge funds and other institutional investors have recently modified their holdings of the stock. Westfield Capital Management Co. LP boosted its stake in Allegro MicroSystems by 54.6% during the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock valued at $46,937,000 after buying an additional 711,185 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. XTX Topco Ltd acquired a new stake in Allegro MicroSystems during the second quarter valued at approximately $856,000. Wellington Management Group LLP bought a new stake in Allegro MicroSystems during the third quarter worth approximately $71,289,000. Finally, Principal Financial Group Inc. increased its holdings in shares of Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after buying an additional 308,943 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.
Allegro MicroSystems Trading Down 3.2 %
NASDAQ ALGM opened at $21.58 on Tuesday. The firm has a market capitalization of $3.97 billion, a PE ratio of -154.13 and a beta of 1.67. The company has a 50-day simple moving average of $21.38 and a 200-day simple moving average of $23.70. Allegro MicroSystems has a one year low of $18.59 and a one year high of $33.26. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22.
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The company’s revenue for the quarter was down 32.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 EPS.
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.
Further Reading
- Five stocks we like better than Allegro MicroSystems
- Investing In Preferred Stock vs. Common Stock
- 3 Must-Hold Stocks with Double-Digit Upside for 2025
- Investing In Automotive Stocks
- Micron: Why Now Is the Time to Be Brave
- Stock Market Sectors: What Are They and How Many Are There?
- 3 Stocks That Wall Street Insiders Can’t Stop Buying
Receive News & Ratings for Allegro MicroSystems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegro MicroSystems and related companies with MarketBeat.com's FREE daily email newsletter.