Allegro MicroSystems, Inc. (NASDAQ:ALGM) Sees Significant Increase in Short Interest

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 12,960,000 shares, a growth of 5.3% from the October 31st total of 12,310,000 shares. Based on an average daily volume of 2,320,000 shares, the short-interest ratio is currently 5.6 days. Approximately 10.6% of the shares of the company are sold short.

Insiders Place Their Bets

In related news, SVP Michael Doogue bought 15,000 shares of the company's stock in a transaction on Monday, November 18th. The stock was bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is currently owned by insiders.

Institutional Trading of Allegro MicroSystems

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

Allegro MicroSystems Trading Down 2.8 %

Shares of ALGM traded down $0.64 during mid-day trading on Tuesday, hitting $21.88. The company had a trading volume of 1,715,173 shares, compared to its average volume of 1,847,927. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26. 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 business's 50-day simple moving average is $21.37 and its 200-day simple moving average is $24.77.

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

Analyst Ratings Changes

A number of analysts have commented on ALGM shares. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a "buy" rating and a $33.00 target price on the stock. Wells Fargo & Company initiated coverage on shares of Allegro MicroSystems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $23.00 price objective on the stock. Needham & Company LLC cut their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research report on Friday, October 18th. Finally, Barclays cut their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research report on Friday, November 1st. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $30.09.

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.