Allegro MicroSystems, Inc. (NASDAQ:ALGM) Sees Significant Decrease in Short Interest

Key Points

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Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the recipient of a significant decline in short interest in July. As of July 31st, there was short interest totaling 8,140,000 shares, adeclineof32.9% from the July 15th total of 12,130,000 shares. Based on an average daily volume of 2,220,000 shares, the short-interest ratio is currently 3.7 days. Approximately6.6% of the company's stock are short sold. Approximately6.6% of the company's stock are short sold. Based on an average daily volume of 2,220,000 shares, the short-interest ratio is currently 3.7 days.

Institutional Trading of Allegro MicroSystems

Institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in shares of Allegro MicroSystems by 63.7% in the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after buying an additional 504 shares during the last quarter. UMB Bank n.a. raised its stake in Allegro MicroSystems by 68.6% during the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after purchasing an additional 578 shares during the last quarter. TD Waterhouse Canada Inc. acquired a new position in Allegro MicroSystems during the 4th quarter valued at $40,000. Nisa Investment Advisors LLC raised its stake in Allegro MicroSystems by 158.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,210 shares of the company's stock valued at $76,000 after purchasing an additional 1,356 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in Allegro MicroSystems during the 1st quarter valued at $71,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on ALGM. Mizuho boosted their price objective on shares of Allegro MicroSystems from $37.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Wall Street Zen raised shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Barclays boosted their price objective on shares of Allegro MicroSystems from $23.00 to $30.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. UBS Group boosted their target price on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Finally, TD Cowen decreased their target price on shares of Allegro MicroSystems from $42.00 to $37.00 and set a "buy" rating for the company in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of "Moderate Buy" and an average target price of $37.56.

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock traded up $1.25 on Friday, reaching $32.13. The stock had a trading volume of 1,365,817 shares, compared to its average volume of 1,523,681. The business's 50-day moving average price is $33.28 and its two-hundred day moving average price is $27.41. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.26 and a current ratio of 3.70. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $38.45. The stock has a market cap of $5.95 billion, a P/E ratio of -86.84 and a beta of 1.74.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, hitting analysts' consensus estimates of $0.09. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The business had revenue of $203.41 million during the quarter, compared to analysts' expectations of $197.82 million. During the same period in the previous year, the company earned $0.03 earnings per share. Allegro MicroSystems's revenue for the quarter was up 21.9% on a year-over-year basis. Allegro MicroSystems has set its Q2 2026 guidance at 0.100-0.140 EPS. On average, sell-side analysts forecast that Allegro MicroSystems will post 0.01 EPS for the current 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.