Short Interest in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Declines By 8.9%

Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Free Report) saw a large drop in short interest during the month of December. As of December 31st, there was short interest totalling 10,380,000 shares, a drop of 8.9% from the December 15th total of 11,400,000 shares. Based on an average daily trading volume, of 1,960,000 shares, the days-to-cover ratio is currently 5.3 days. Currently, 8.5% of the shares of the company are sold short.

Allegro MicroSystems Trading Up 4.8 %

Shares of NASDAQ:ALGM traded up $1.13 during trading on Friday, reaching $24.84. The stock had a trading volume of 2,147,492 shares, compared to its average volume of 1,900,272. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The stock has a fifty day simple moving average of $21.89 and a two-hundred day simple moving average of $23.21. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGMGet Free Report) last issued 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 company 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 business posted $0.36 EPS. The company’s revenue for the quarter was down 32.0% on a year-over-year basis.

Insider Transactions at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction dated Monday, November 18th. The stock was bought at an average cost 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 trade represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Several large investors have recently added to or reduced their stakes in ALGM. KBC Group NV grew its holdings in shares of Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares in the last quarter. Van ECK Associates Corp acquired a new stake in shares of Allegro MicroSystems during the 3rd quarter valued at about $172,000. Oppenheimer Asset Management Inc. bought a new stake in Allegro MicroSystems in the second quarter valued at about $211,000. Intech Investment Management LLC acquired a new position in Allegro MicroSystems in the third quarter worth about $214,000. Finally, nVerses Capital LLC bought a new position in Allegro MicroSystems during the third quarter worth about $231,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

ALGM has been the subject of a number of recent research reports. Needham & Company LLC lowered their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Loop Capital started coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price for the company. Finally, Barclays raised their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $30.91.

Check Out Our Latest Stock Report on ALGM

Allegro MicroSystems Company Profile

(Get Free Report)

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.

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