Allegro MicroSystems, Inc. (NASDAQ:ALGM) Short Interest Up 5.3% in October

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the target of a large growth in short interest in 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 days-to-cover ratio is presently 5.7 days. Approximately 10.1% of the shares of the stock are sold short.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its position 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 valued at $33,000 after buying an additional 1,096 shares during the period. GAMMA Investing LLC boosted its holdings in 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 acquiring an additional 603 shares during the period. KBC Group NV grew its position in 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 acquiring an additional 1,042 shares during the last quarter. CWM LLC increased its stake in 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 purchasing an additional 921 shares during the period. Finally, Van ECK Associates Corp bought a new stake in shares of Allegro MicroSystems during the third quarter worth $172,000. 56.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ALGM has been the topic of several recent analyst reports. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 price objective on the stock. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a report on Friday, October 18th. UBS Group assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They set a "buy" rating and a $33.00 price objective for the company. Loop Capital initiated coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 target price on the stock. Finally, 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. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $30.80.

Allegro MicroSystems Price Performance

NASDAQ:ALGM opened at $19.07 on Friday. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -136.21 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 business has a 50 day simple moving average of $21.66 and a 200-day simple moving average of $25.41. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 company had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. During the same period last year, the company earned $0.36 earnings per share. Allegro MicroSystems's revenue was down 32.0% on a year-over-year basis.

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.