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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a large increase in short interest in February. As of February 15th, there was short interest totalling 13,770,000 shares, an increase of 22.1% from the January 31st total of 11,280,000 shares. Currently, 11.3% of the company’s stock are sold short. Based on an average trading volume of 2,410,000 shares, the days-to-cover ratio is currently 5.7 days.

Allegro MicroSystems Trading Up 6.9 %

ALGM stock opened at $26.78 on Thursday. The business has a fifty day moving average price of $24.11 and a 200 day moving average price of $22.73. The stock has a market capitalization of $4.93 billion, a price-to-earnings ratio of -76.51 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems has a fifty-two week low of $18.59 and a fifty-two week high of $33.26.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems in the fourth quarter valued at approximately $40,000. Venturi Wealth Management LLC bought a new position in Allegro MicroSystems during the 4th quarter worth approximately $47,000. Quarry LP acquired a new position in Allegro MicroSystems during the fourth quarter valued at approximately $79,000. KBC Group NV increased its stake in Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after purchasing an additional 1,042 shares in the last quarter. Finally, Sterling Capital Management LLC increased its stake in Allegro MicroSystems by 59.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock valued at $161,000 after purchasing an additional 2,758 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. 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 objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Barclays lifted their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Wells Fargo & Company upped their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Morgan Stanley boosted their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Allegro MicroSystems has a consensus rating of “Moderate Buy” and an average price target of $30.70.

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.