Allegro MicroSystems Sees Unusually High Options Volume (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the recipient of some unusual options trading on Tuesday. Investors purchased 10,001 put options on the company. This represents an increase of approximately 318% compared to the typical daily volume of 2,390 put options.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALGM. Barclays decreased their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a report on Friday, November 1st. Needham & Company LLC decreased their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday. They issued a "buy" rating and a $30.00 price objective on the stock. UBS Group assumed coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 price objective on the stock. Finally, Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $30.80.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors have recently added to or reduced their stakes in the business. Clearbridge Investments LLC lifted its stake in Allegro MicroSystems by 6.7% in the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company's stock valued at $100,595,000 after buying an additional 235,335 shares during the last quarter. Silvercrest Asset Management Group LLC increased its holdings in shares of Allegro MicroSystems by 363.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company's stock valued at $17,053,000 after purchasing an additional 495,935 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Allegro MicroSystems by 238.9% in the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company's stock valued at $1,503,000 after purchasing an additional 39,289 shares during the period. Qsemble Capital Management LP acquired a new position in shares of Allegro MicroSystems in the first quarter valued at approximately $583,000. Finally, XTX Topco Ltd acquired a new position in shares of Allegro MicroSystems in the second quarter valued at approximately $856,000. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Down 1.6 %

Shares of ALGM traded down $0.34 during midday trading on Tuesday, hitting $20.52. The company had a trading volume of 1,059,840 shares, compared to its average volume of 1,929,633. The company's 50-day simple moving average is $21.86 and its 200-day simple moving average is $25.66. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. The firm has a market capitalization of $3.78 billion, a P/E ratio of -148.70 and a beta of 1.69. Allegro MicroSystems has a 1 year low of $19.71 and a 1 year high of $33.26.

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. The business had revenue of $187.39 million during the quarter, compared to analysts' expectations of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The business's quarterly revenue was down 32.0% compared to the same quarter last year. During the same quarter last year, the business posted $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.