Allegro MicroSystems, Inc. (NASDAQ:ALGM) Short Interest Update

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 12,310,000 shares, an increase of 5.3% from the October 15th total of 11,690,000 shares. Approximately 10.1% of the shares of the stock are short sold. Based on an average trading volume of 2,150,000 shares, the days-to-cover ratio is currently 5.7 days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares during the period. Prosperity Financial Group Inc. lifted its position in Allegro MicroSystems by 7.9% in the third quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after buying an additional 784 shares during the last quarter. CWM LLC lifted its position 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 buying an additional 921 shares during the last quarter. KBC Group NV increased its position in shares of Allegro MicroSystems by 40.9% during the third 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. Finally, Versant Capital Management Inc increased 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 acquiring an additional 1,096 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ALGM has been the subject of several recent analyst reports. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. Morgan Stanley started coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price target on the stock. 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 objective for the company. Finally, Barclays cut their target price on shares of 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.80.

Allegro MicroSystems Trading Up 0.9 %

ALGM opened at $19.24 on Tuesday. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of -137.42 and a beta of 1.69. The company’s 50 day simple moving average is $21.60 and its two-hundred day simple moving average is $25.31. 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 current ratio of 4.22 and a quick ratio of 2.80.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The firm had revenue of $187.39 million for the quarter, compared to the consensus estimate 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 last year, the business posted $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.