Allegro MicroSystems (NASDAQ:ALGM) Reaches New 1-Year Low – Time to Sell?

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) reached a new 52-week low during trading on Friday . The stock traded as low as $19.27 and last traded at $19.56, with a volume of 103873 shares changing hands. The stock had previously closed at $19.83.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research note on Friday, October 18th. Morgan Stanley assumed coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price for the company. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday. They set a “buy” rating and a $30.00 price target on the stock. Barclays lowered their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Finally, UBS Group assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price on the stock. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.80.

Allegro MicroSystems Stock Performance

The business has a fifty day moving average of $21.70 and a 200 day moving average of $25.52. The company has a market cap of $3.45 billion, a P/E ratio of -141.64 and a beta of 1.69. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42.

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

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in shares of Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after buying an additional 1,096 shares in the last quarter. GAMMA Investing LLC grew its holdings in Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares during the period. KBC Group NV grew its holdings in Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the period. CWM LLC increased its stake in shares of Allegro MicroSystems by 27.7% during the second quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after purchasing an additional 921 shares in the last quarter. Finally, Van ECK Associates Corp purchased a new position in shares of Allegro MicroSystems during the third quarter valued at approximately $172,000. Institutional investors 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.