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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) experienced a notable increase in short interest during February. By February 15th, the total short interest reached 13,770,000 shares, reflecting a significant rise of 22.1% compared to the January 31st total of 11,280,000 shares. Considering the average trading volume of 2,410,000 shares, the current days-to-cover ratio stands at 5.7 days. This indicates that approximately 11.3% of the company's shares are currently sold short.

Wall Street Analyst Insights

Recently, several analysts have provided their evaluations of Allegro MicroSystems' shares. Needham & Company LLC maintained a “buy” rating and set a target price of $30.00 for Allegro's stock in a research note dated February 24th. Barclays also raised their price target from $25.00 to $30.00 and assigned the stock an “overweight” rating in a report released on January 17th. Likewise, Wells Fargo & Company increased their target price from $23.00 to $27.00, labeling the stock as “overweight” in their research on January 13th. Loop Capital began coverage of Allegro MicroSystems on November 12th, giving a “buy” rating and a target price of $30.00. Furthermore, Morgan Stanley raised their price target from $21.00 to $23.00, offering an “equal weight” rating in a report published on February 3rd. In summary, one equity research analyst rated the stock as a hold, while nine analysts rated it as a buy. According to MarketBeat data, the consensus rating for the stock is "Moderate Buy" with an average price target of $30.70.

Institutional Trading Activity

Multiple hedge funds and institutional investors have recently adjusted their holdings in Allegro MicroSystems. Notably, the New York State Teachers Retirement System increased its stake by 97.4% during the third quarter, now holding 22,900 shares valued at $534,000 after purchasing an additional 11,300 shares. Similarly, Van ECK Associates Corp acquired a new stake in the company valued at around $172,000 in the third quarter. Amalgamated Bank hiked its holdings by 99.1%, owning 72,399 shares worth $1,687,000 after adding 36,042 shares. Additionally, Principal Financial Group Inc. grew its stake by 14.1% in the same period, now holding 2,499,760 shares valued at $58,244,000 after acquiring 308,943 additional shares. Lastly, the State of New Jersey Common Pension Fund D entered a new position in Allegro MicroSystems valued at approximately $1,890,000. Currently, institutional investors hold 56.45% of the company's stock.

Allegro MicroSystems Stock Overview

As of the latest trading session, NASDAQ:ALGM opened at $28.31. The company maintains a debt-to-equity ratio of 0.40, along with a quick ratio of 3.00 and a current ratio of 4.91. The stock's fifty-day moving average is $24.23, while the two-hundred-day moving average is $22.76. Over the past year, Allegro MicroSystems has seen a low of $18.59 and a high of $33.26. The market capitalization of the firm stands at $5.21 billion, with a PE ratio of -80.89 and a beta of 1.67.

About Allegro MicroSystems

Allegro MicroSystems, Inc. designs, develops, manufactures, and markets integrated circuits (ICs) and application-specific analog power ICs primarily for motion control and energy-efficient systems. The company specializes in magnetic sensor ICs, which include position, speed, and current sensor ICs, as well as motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.

Allegro, Stocks, ShortInterest