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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of a large increase in short interest in April. As of April 15th, there was short interest totalling 8,650,000 shares, an increase of 7.6% from the March 31st total of 8,040,000 shares. Based on an average trading volume of 1,750,000 shares, the days-to-cover ratio is currently 4.9 days. Approximately 11.0% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ALGM. GAMMA Investing LLC acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $28,000. Tucker Asset Management LLC increased its stake in Allegro MicroSystems by 46.2% during the third quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock worth $48,000 after acquiring an additional 474 shares during the last quarter. Pineridge Advisors LLC purchased a new stake in Allegro MicroSystems in the fourth quarter valued at $49,000. Huntington National Bank lifted its stake in shares of Allegro MicroSystems by 85.0% in the 3rd quarter. Huntington National Bank now owns 1,991 shares of the company’s stock valued at $64,000 after purchasing an additional 915 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its position in shares of Allegro MicroSystems by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after purchasing an additional 425 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ALGM shares. Needham & Company LLC cut their price target on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. TD Cowen boosted their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a research report on Friday, February 2nd. Finally, Evercore ISI started coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They set an “outperform” rating and a $36.00 target price for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.50.

Allegro MicroSystems Stock Up 0.5 %

Shares of NASDAQ ALGM opened at $30.25 on Tuesday. The stock has a market cap of $5.84 billion, a PE ratio of 26.54 and a beta of 1.82. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22. Allegro MicroSystems has a 12-month low of $24.66 and a 12-month high of $53.05. The company has a 50-day moving average of $28.47 and a 200 day moving average of $28.38.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, February 1st. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The firm had revenue of $254.98 million during the quarter, compared to analysts’ expectations of $255.00 million. As a group, sell-side analysts predict that Allegro MicroSystems will post 1.13 EPS for the current fiscal year.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.