Allegro MicroSystems Sees Unusually Large Options Volume (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of some unusual options trading on Thursday. Stock traders acquired 27,014 put options on the stock. This is an increase of approximately 2,235% compared to the typical daily volume of 1,157 put options.

Allegro MicroSystems Stock Down 0.3 %

Shares of Allegro MicroSystems stock opened at $24.94 on Friday. The stock has a market capitalization of $4.59 billion, a P/E ratio of -178.13 and a beta of 1.65. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The stock has a 50 day moving average price of $22.26 and a two-hundred day moving average price of $23.10. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. The company 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%. Allegro MicroSystems’s revenue for the quarter was down 32.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. Morgan Stanley started coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price for the company. Loop Capital started coverage on 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, Needham & Company LLC reduced their target price 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. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.91.

Insider Activity

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were bought at an average price of $19.00 per share, with a total value of $285,000.00. Following the transaction, the senior vice president now directly 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 purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. KBC Group NV grew its position 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 buying an additional 1,042 shares during the period. Van ECK Associates Corp acquired a new position in shares of Allegro MicroSystems in the 3rd quarter valued at approximately $172,000. Intech Investment Management LLC acquired a new position in shares of Allegro MicroSystems in the 3rd quarter valued at approximately $214,000. nVerses Capital LLC acquired a new position in shares of Allegro MicroSystems in the 3rd quarter valued at approximately $231,000. Finally, Prosperity Financial Group Inc. grew its position in shares of Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after purchasing an additional 784 shares during the period. 56.45% of the stock is owned by institutional investors.

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.