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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a large 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. Currently, 10.6% of the shares of the company are short sold. Based on an average trading volume of 2,320,000 shares, the days-to-cover ratio is presently 5.6 days.

Allegro MicroSystems Price Performance

ALGM opened at $22.52 on Tuesday. The business’s 50-day moving average is $21.36 and its two-hundred day moving average is $24.83. The firm has a market capitalization of $4.14 billion, a PE ratio of -155.21 and a beta of 1.69. 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 1 year low of $18.59 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) 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 negative net margin of 2.96% and a positive return on equity of 8.48%. The firm’s revenue was down 32.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.36 earnings per share.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ALGM shares. Barclays reduced their target price 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. Loop Capital initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. UBS Group started coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective for the company. Morgan Stanley initiated coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price for the company. Finally, Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.09.

Insider Buying and Selling

In other news, SVP Michael Doogue bought 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on 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 acquisition, the senior vice president now owns 246,086 shares of the company’s stock, valued at $4,675,634. The trade was a 6.49 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is currently owned by insiders.

Institutional Trading of Allegro MicroSystems

A number of hedge funds have recently added to or reduced their stakes in ALGM. FMR LLC boosted its holdings in Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after buying an additional 8,534,089 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Allegro MicroSystems during the third quarter worth $71,289,000. State Street Corp increased its position in shares of Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after acquiring an additional 1,615,351 shares during the period. Geode Capital Management LLC grew its stake in shares of Allegro MicroSystems by 86.5% during the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. Finally, Loomis Sayles & Co. L P acquired a new position in Allegro MicroSystems in the third quarter valued at $18,269,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.