Allegro MicroSystems, Inc. (NASDAQ:ALGM) Short Interest Down 32.9% in July

Key Points

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Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the target of a significant decline in short interest in the month of 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. Approximately6.6% of the company's shares are sold short. Based on an average daily volume of 2,220,000 shares, the short-interest ratio is currently 3.7 days. 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 shares are sold short.

Allegro MicroSystems Trading Up 0.4%

Shares of ALGM opened at $30.83 on Tuesday. The stock's 50-day moving average is $33.18 and its two-hundred day moving average is $27.23. The stock has a market cap of $5.70 billion, a PE ratio of -83.32 and a beta of 1.74. Allegro MicroSystems has a 12 month low of $16.38 and a 12 month high of $38.45. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.70 and a quick ratio of 2.26.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.09 EPS for the quarter, hitting analysts' consensus estimates of $0.09. The company had revenue of $203.41 million for the quarter, compared to analysts' expectations of $197.82 million. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%. The firm's quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 earnings per share. Equities analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on ALGM. UBS Group boosted their price target on Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Morgan Stanley lowered their price target on Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating for the company in a research report on Friday, August 1st. Mizuho boosted their price target on Allegro MicroSystems from $37.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Barclays boosted their price target on Allegro MicroSystems from $23.00 to $30.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Needham & Company LLC boosted their price target on Allegro MicroSystems from $25.00 to $37.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus price target of $37.56.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ALGM. Castleark Management LLC acquired a new position in shares of Allegro MicroSystems in the second quarter worth about $3,527,000. Corient Private Wealth LLC lifted its stake in shares of Allegro MicroSystems by 27.2% in the second quarter. Corient Private Wealth LLC now owns 17,239 shares of the company's stock worth $589,000 after acquiring an additional 3,685 shares in the last quarter. Vident Advisory LLC lifted its stake in shares of Allegro MicroSystems by 17.3% in the second quarter. Vident Advisory LLC now owns 11,823 shares of the company's stock worth $404,000 after acquiring an additional 1,742 shares in the last quarter. HRT Financial LP acquired a new position in shares of Allegro MicroSystems in the second quarter worth about $4,473,000. Finally, G2 Investment Partners Management LLC acquired a new position in shares of Allegro MicroSystems in the second quarter worth about $4,445,000. Institutional investors and hedge funds own 56.45% of the company's stock.

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.

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