Allegro MicroSystems Inc. (NASDAQ:ALGM) shares, rose in value on Friday, 05/13/22, with the stock price up by 4.75% to the previous day’s close as strong demand from buyers drove the stock to $23.62.
Actively observing the price movement in the last trading, the stock closed the session at $22.55, falling within a range of $22.86 and $24.04. The PE ratio was 44.15 over 12-month period. Referring to stock’s 52-week performance, its high was $38.28, and the low was $21.91. On the whole, ALGM has fluctuated by -3.47% over the past month.
With the market capitalization of Allegro MicroSystems Inc. currently standing at about $4.57 billion, investors are eagerly awaiting this quarter’s results, scheduled for Jan 31, 2022 – Feb 04, 2022. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.18, which is expected to increase to $0.2 for fiscal year $0.76 and then to about $0.96 by fiscal year 2023. Data indicates that the EPS growth is expected to be 65.20% in 2023, while the next year’s EPS growth is forecast to be 26.30%.
Analysts have estimated the company’s revenue for the quarter at $182.73 million, with a low estimate of $182.5 million and a high estimate of $183.9 million. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $756.37 million, representing an increase of 27.90% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that ALGM’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the PEG ratio is about 3.40, with the price of ALGM currently trading nearly -3.25% and -9.13% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 43.30, while the 7-day volatility ratio is showing 6.93% which for the 30-day chart, stands at 5.17%. Furthermore, Allegro MicroSystems Inc. (ALGM)’s average true range (ATR) is 1.32.
A comparison of Allegro MicroSystems Inc. (ALGM) with its peers suggests the former has fared considerably weaker in the market. ALGM showed an intraday change of 4.75% in last session, and over the past year, it shrunk by -0.46%%. In comparison, NVIDIA Corporation (NVDA) has moved higher at 9.47% on the day and was up 24.31% over the past 12 months. On the other hand, the price of Broadcom Inc. (AVGO) has risen 2.92% on the day. The stock, however, is off 33.20% from where it was a year ago. Additionally, there is a gain of 2.40% for QUALCOMM Incorporated (QCOM) in last trading while the stock has seen an overall depriciation of 3.67%% over the past year. The PE ratio stands at 44.15 for Allegro MicroSystems Inc., compared to 46.05 for NVIDIA Corporation, and 33.51 for Broadcom Inc. Other than that, the overall performance of the S&P 500 during the last trading session shows that it gained 2.39%. Meanwhile, the Dow Jones Industrial Improved by 1.47%.
Data on historical trading for Allegro MicroSystems Inc. (NASDAQ:ALGM) indicates that the trading volumes over the past 10 days have averaged 0.63 million and over the past 3 months, they’ve averaged 502.39K. According to company’s latest data on outstanding shares, there are 189.74 million shares outstanding.
Nearly 1.20% of Allegro MicroSystems Inc.’s shares belong to company insiders and institutional investors own 46.90% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 2.94 million shares as on Feb 14, 2022, resulting in a short ratio of 4.09. According to the data, the short interest in Allegro MicroSystems Inc. (ALGM) stood at 1.55% of shares outstanding as of Feb 14, 2022; the number of short shares registered in Jan 13, 2022 reached 2.82 million. The stock has fallen by -34.72% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the ALGM stock heading into the next quarter.