Short Interest in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Decreases By 8.9%

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the target of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 10,380,000 shares, a drop of 8.9% from the December 15th total of 11,400,000 shares. Approximately 8.5% of the company's stock are short sold. Based on an average daily volume of 1,960,000 shares, the days-to-cover ratio is currently 5.3 days.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ALGM shares. Loop Capital started coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a "buy" rating and a $30.00 price objective for the company. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, January 13th. Needham & Company LLC reduced their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, October 31st. Morgan Stanley started coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 price objective for the company. Finally, Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research report on Friday, October 18th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and an average price target of $30.91.

Allegro MicroSystems Stock Performance

ALGM stock traded up $1.13 during mid-day trading on Friday, hitting $24.84. The company had a trading volume of 2,147,492 shares, compared to its average volume of 1,900,272. The firm has a market cap of $4.57 billion, a PE ratio of -177.42 and a beta of 1.65. 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 has a 12 month low of $18.59 and a 12 month high of $33.26. The stock's fifty day moving average price is $21.89 and its two-hundred day moving average price is $23.26.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. The business had revenue of $187.39 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 earnings per share.

Insiders Place Their Bets

In related news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction on Monday, November 18th. The stock was acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares of the company's stock, valued at $4,675,634. This trade represents a 6.49 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.50% of the company's stock.

Institutional Trading of Allegro MicroSystems

Hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV raised 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 valued at $84,000 after purchasing an additional 1,042 shares during the period. Van ECK Associates Corp bought a new stake in shares of Allegro MicroSystems in the third quarter valued at approximately $172,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Allegro MicroSystems in the second quarter valued at approximately $211,000. Intech Investment Management LLC bought a new stake in shares of Allegro MicroSystems in the third quarter valued at approximately $214,000. Finally, nVerses Capital LLC bought a new stake in shares of Allegro MicroSystems in the third quarter valued at approximately $231,000. Institutional investors own 56.45% of the company's stock.

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.