Allegro MicroSystems (NASDAQ:ALGM) Shares Up 8.1% – Here’s What Happened

Allegro MicroSystems, Inc. (NASDAQ:ALGM) traded up 8.1% during mid-day trading on Tuesday . The stock traded as high as $31.01 and last traded at $30.7460. 238,785 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,535,285 shares. The stock had previously closed at $28.45.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. UBS Group upped their price objective on Allegro MicroSystems from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. TD Cowen upped their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Barclays increased their price objective on shares of Allegro MicroSystems from $30.00 to $35.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Evercore ISI boosted their target price on shares of Allegro MicroSystems from $37.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Allegro MicroSystems in a research report on Monday, December 29th. Nine equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $38.78.

Allegro MicroSystems Stock Up 2.2%

The stock has a market cap of $5.79 billion, a P/E ratio of -195.63 and a beta of 1.61. The company has a current ratio of 3.89, a quick ratio of 2.48 and a debt-to-equity ratio of 0.30. The stock’s 50-day moving average is $26.92 and its 200-day moving average is $30.02.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. Allegro MicroSystems had a positive return on equity of 2.90% and a negative net margin of 3.60%.The company had revenue of $214.29 million for the quarter, compared to the consensus estimate of $210.75 million. During the same quarter in the previous year, the business earned $0.08 EPS. The company’s quarterly revenue was up 14.4% compared to the same quarter last year. Allegro MicroSystems has set its Q3 2026 guidance at 0.120-0.160 EPS. As a group, research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ALGM. Bank of America Corp DE raised its holdings in Allegro MicroSystems by 136.6% during the third quarter. Bank of America Corp DE now owns 952,679 shares of the company’s stock valued at $27,818,000 after buying an additional 3,556,410 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Allegro MicroSystems by 189.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock valued at $94,360,000 after acquiring an additional 1,806,183 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Allegro MicroSystems by 29.3% during the 2nd quarter. Invesco Ltd. now owns 6,254,575 shares of the company’s stock valued at $213,844,000 after acquiring an additional 1,418,934 shares during the last quarter. Norges Bank bought a new position in shares of Allegro MicroSystems in the 2nd quarter valued at approximately $48,138,000. Finally, Capital Research Global Investors lifted its holdings in Allegro MicroSystems by 5.8% in the 3rd quarter. Capital Research Global Investors now owns 16,824,722 shares of the company’s stock worth $491,282,000 after purchasing an additional 920,365 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

About Allegro MicroSystems

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.