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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw 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. Currently, 10.1% of the company’s shares are sold short. Based on an average daily trading volume, of 2,150,000 shares, the days-to-cover ratio is currently 5.7 days.

Allegro MicroSystems Trading Down 3.8 %

Shares of ALGM opened at $19.07 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The stock has a market cap of $3.51 billion, a PE ratio of -136.21 and a beta of 1.69. The stock’s 50-day moving average is $21.66 and its two-hundred day moving average is $25.41.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. During the same period in the previous year, the company posted $0.36 EPS. Allegro MicroSystems’s revenue for the quarter was down 32.0% on a year-over-year basis.

Wall Street Analysts Forecast Growth

ALGM has been the subject of several research analyst reports. UBS Group started coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Loop Capital assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. Morgan Stanley started coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price on the stock. Barclays reduced their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Finally, Mizuho set a $26.00 price target on Allegro MicroSystems in a research note on Friday, October 18th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus target price of $30.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ALGM. Versant Capital Management Inc increased its stake in Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after buying an additional 1,096 shares during the period. GAMMA Investing LLC increased its position 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 acquiring an additional 603 shares during the last quarter. KBC Group NV lifted its stake 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 acquiring an additional 1,042 shares in the last quarter. CWM LLC boosted its holdings in 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 purchasing an additional 921 shares during the last quarter. Finally, Van ECK Associates Corp acquired a new stake in Allegro MicroSystems during the 3rd quarter valued at approximately $172,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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.