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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of a significant growth in short interest in 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.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of the stock in a transaction dated Monday, November 18th. The shares were acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the transaction, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds have recently made changes to their positions in ALGM. Price T Rowe Associates Inc. MD lifted its position in shares of Allegro MicroSystems by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,818 shares of the company’s stock valued at $993,000 after acquiring an additional 2,353 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Allegro MicroSystems by 52.2% in 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 in the last quarter. Versant Capital Management Inc increased its stake in Allegro MicroSystems by 1,957.1% in the 2nd 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. CWM LLC increased its stake in Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after buying an additional 921 shares during the period. Finally, SG Americas Securities LLC increased its stake in Allegro MicroSystems by 148.3% in the 2nd quarter. SG Americas Securities LLC now owns 27,401 shares of the company’s stock valued at $774,000 after buying an additional 16,367 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 3.6 %

Allegro MicroSystems stock opened at $22.52 on Tuesday. Allegro MicroSystems has a 52-week low of $18.59 and a 52-week high of $33.26. The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of -155.21 and a beta of 1.69. The firm has a 50-day moving average price of $21.36 and a two-hundred day moving average price of $24.83. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42.

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

Analyst Ratings Changes

A number of brokerages recently issued reports on ALGM. 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 target price on the stock. Needham & Company LLC dropped their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Barclays decreased their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Morgan Stanley assumed 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, Loop Capital assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus target price of $30.09.

About Allegro MicroSystems

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.