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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw a significant increase in short interest in October. As of October 31st, there was short interest totalling 12,310,000 shares, an increase of 5.3% from the October 15th total of 11,690,000 shares. Approximately 10.1% of the company’s shares are short sold. Based on an average trading volume of 2,150,000 shares, the short-interest ratio is currently 5.7 days.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds have recently made changes to their positions in the company. Clearbridge Investments LLC raised its holdings in shares of Allegro MicroSystems by 6.7% in the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock valued at $100,595,000 after acquiring an additional 235,335 shares in the last quarter. Silvercrest Asset Management Group LLC raised its holdings in shares of Allegro MicroSystems by 363.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after purchasing an additional 495,935 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Allegro MicroSystems by 238.9% in the 1st quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock worth $1,503,000 after purchasing an additional 39,289 shares during the period. XTX Topco Ltd purchased a new stake in shares of Allegro MicroSystems in the 2nd quarter worth approximately $856,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Allegro MicroSystems by 14.1% during the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after purchasing an additional 308,943 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock opened at $19.07 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of -136.20 and a beta of 1.69. The firm has a 50-day moving average of $21.66 and a two-hundred day moving average of $25.39. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. During the same quarter in the previous year, the business earned $0.36 earnings per share. Allegro MicroSystems’s quarterly revenue was down 32.0% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ALGM. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock. Barclays lowered their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Loop Capital assumed 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 on the stock. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price for the company. Finally, Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a report on Friday, October 18th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.80.

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.