Short Interest in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Decreases By 12.0%

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a significant decline in short interest in the month of December. As of December 15th, there was short interest totalling 11,400,000 shares, a decline of 12.0% from the November 30th total of 12,950,000 shares. Currently, 9.3% of the company’s shares are short sold. Based on an average daily trading volume, of 1,970,000 shares, the days-to-cover ratio is currently 5.8 days.

Insider Activity at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction dated Monday, November 18th. The shares were purchased at an average price of $19.00 per share, with a total value 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 represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Allegro MicroSystems

Several large investors have recently modified their holdings of the company. KBC Group NV lifted its stake 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 buying an additional 1,042 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Allegro MicroSystems during the 3rd quarter valued at approximately $172,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Allegro MicroSystems in the second quarter worth $211,000. Intech Investment Management LLC acquired a new stake in Allegro MicroSystems in the third quarter valued at $214,000. Finally, nVerses Capital LLC acquired a new position in Allegro MicroSystems during the 3rd quarter worth $231,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ALGM has been the topic of several recent research reports. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price on the stock. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. UBS Group started coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective for the company. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Wells Fargo & Company started coverage on Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 price target for the company. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.09.

Allegro MicroSystems Stock Down 4.9 %

NASDAQ ALGM traded down $1.10 during trading on Monday, reaching $21.19. 430,347 shares of the company’s stock were exchanged, compared to its average volume of 1,942,071. The company has a 50 day moving average price of $21.38 and a two-hundred day moving average price of $23.70. The stock has a market cap of $3.90 billion, a P/E ratio of -151.35 and a beta of 1.67. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26. 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 (NASDAQ:ALGM) last posted its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. The firm 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 firm’s revenue was down 32.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 earnings per share.

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.