Allegro MicroSystems Sees Unusually High Options Volume (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of some unusual options trading on Tuesday. Investors purchased 10,001 put options on the company. This is an increase of 318% compared to the typical volume of 2,390 put options.

Analyst Ratings Changes

A number of analysts have weighed in on ALGM shares. UBS Group began coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research note on Friday, October 18th. Loop Capital began coverage on shares of Allegro MicroSystems in a research report on Tuesday. They issued a “buy” rating and a $30.00 price target for the company. Needham & Company LLC decreased their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Barclays cut their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.80.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Clearbridge Investments LLC boosted its position in shares of Allegro MicroSystems by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock worth $100,595,000 after purchasing an additional 235,335 shares in the last quarter. Silvercrest Asset Management Group LLC grew its position in Allegro MicroSystems by 363.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock worth $17,053,000 after buying an additional 495,935 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Allegro MicroSystems by 238.9% during the 1st quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after acquiring an additional 39,289 shares during the period. Qsemble Capital Management LP acquired a new stake in shares of Allegro MicroSystems during the 1st quarter valued at approximately $583,000. Finally, XTX Topco Ltd acquired a new stake in shares of Allegro MicroSystems in the 2nd quarter worth approximately $856,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of ALGM stock traded down $0.32 during mid-day trading on Tuesday, hitting $20.54. The stock had a trading volume of 185,640 shares, compared to its average volume of 1,925,641. Allegro MicroSystems has a fifty-two week low of $19.71 and a fifty-two week high of $33.26. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The company’s 50-day simple moving average is $21.86 and its 200-day simple moving average is $25.66. The firm has a market cap of $3.78 billion, a PE ratio of -148.70 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The firm’s revenue for the quarter was down 32.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 EPS.

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.