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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a significant drop in short interest in January. As of January 15th, there was short interest totalling 10,380,000 shares, a drop of 8.9% from the December 31st total of 11,400,000 shares. Approximately 8.5% of the company’s stock are short sold. Based on an average trading volume of 1,960,000 shares, the short-interest ratio is currently 5.3 days.

Allegro MicroSystems Price Performance

Shares of ALGM stock opened at $24.09 on Friday. The business has a 50 day simple moving average of $22.67 and a 200 day simple moving average of $22.77. 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 12-month low of $18.59 and a 12-month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ALGM shares. Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Loop Capital began coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. Barclays raised their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Morgan Stanley started coverage on Allegro MicroSystems in a 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 price target on Allegro MicroSystems in a report on Friday, October 18th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Allegro MicroSystems has an average rating of “Moderate Buy” and an average price target of $30.91.

Insider Activity

In other news, SVP Michael Doogue acquired 15,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were purchased at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at $4,675,634. This represents a 6.49 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new stake in Allegro MicroSystems during the fourth quarter worth approximately $47,000. New Mexico Educational Retirement Board boosted its stake in shares of Allegro MicroSystems by 139.7% during the 4th quarter. New Mexico Educational Retirement Board now owns 31,881 shares of the company’s stock worth $697,000 after acquiring an additional 18,581 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Allegro MicroSystems by 202.3% in the 4th quarter. Van ECK Associates Corp now owns 22,298 shares of the company’s stock worth $487,000 after acquiring an additional 14,922 shares during the last quarter. Lightrock Netherlands B.V. acquired a new stake in shares of Allegro MicroSystems during the fourth quarter worth $4,469,000. Finally, Pacer Advisors Inc. lifted its holdings in shares of Allegro MicroSystems by 14.5% during the fourth quarter. Pacer Advisors Inc. now owns 59,366 shares of the company’s stock valued at $1,298,000 after purchasing an additional 7,514 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.