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

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the recipient of a significant increase in short interest during the month of 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. Approximately 11.0% of the company's shares are sold short. Based on an average daily trading volume, of 1,750,000 shares, the days-to-cover ratio is currently 4.9 days.

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently bought and sold shares of ALGM. GAMMA Investing LLC purchased a new stake in Allegro MicroSystems in the fourth quarter valued at $28,000. Tucker Asset Management LLC grew its position in Allegro MicroSystems by 46.2% during the third quarter. Tucker Asset Management LLC now owns 1,500 shares of the company's stock valued at $48,000 after buying an additional 474 shares during the period. Pineridge Advisors LLC purchased a new position in Allegro MicroSystems in the fourth quarter valued at $49,000. Huntington National Bank boosted its stake in shares of Allegro MicroSystems by 85.0% during the 3rd quarter. Huntington National Bank now owns 1,991 shares of the company's stock worth $64,000 after acquiring an additional 915 shares in the last quarter. Finally, Quadrant Capital Group LLC grew 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 valued at $64,000 after acquiring an additional 425 shares during the period. Institutional investors and hedge funds own 56.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ALGM shares. Needham & Company LLC dropped their target price on shares of Allegro MicroSystems from $44.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, February 2nd. TD Cowen upped their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, February 2nd. Evercore ISI began coverage on shares of Allegro MicroSystems in a research report on Tuesday, April 16th. They set an "outperform" rating and a $36.00 target price on the stock. Finally, Wolfe Research upgraded shares of Allegro MicroSystems from a "peer perform" rating to an "outperform" rating and set a $35.00 price objective on the stock in a research note on Friday, February 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Allegro MicroSystems has an average rating of "Moderate Buy" and an average price target of $44.50.

Allegro MicroSystems Stock Down 1.9 %

ALGM traded down $0.56 during trading on Tuesday, hitting $29.69. The stock had a trading volume of 1,848,969 shares, compared to its average volume of 1,691,198. The stock has a 50 day simple moving average of $28.45 and a two-hundred day simple moving average of $28.38. Allegro MicroSystems has a twelve month low of $24.66 and a twelve month high of $53.05. The company has a market capitalization of $5.73 billion, a PE ratio of 26.04 and a beta of 1.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The business had revenue of $254.98 million for the quarter, compared to analyst estimates of $255.00 million. On average, research analysts predict that Allegro MicroSystems will post 1.13 earnings per share for the current year.

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