Allegro Microsystems Inc (NASDAQ:ALGM) price on current trading day, fall -1.02% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $23.25.
A look at the stock’s price movement, the close in the last trading session was $23.49. Turning to its 52-week performance, $33.26 and $18.59 were the 52-week high and 52-week low respectively. Overall, ALGM moved 0.09% over the past month.
Allegro Microsystems Inc’s market cap currently stands at around $4.28 billion, with investors looking forward to this quarter’s earnings report slated for in March.
Analysts have a consensus estimate of 185.36M for the company’s revenue for the quarter, with a low and high estimate of 185M and 187.5M respectively. The average forecast suggests down to a -22.95% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 717.44M, representing a -31.63% decline on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that ALGM is a 50% Buy. On the other hand, the stock is on average a Hold as suggested by medium term indicators while long term indicators are putting the stock in Hold category.
4 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 0 analyst(s) rate the stock as a Hold, 4 recommend ALGM as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
ALGM’s current price about -6.02% and -1.83% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 43.24, while 7-day volatility ratio is 6.57% and 5.99% in the 30-day chart. Further, Allegro Microsystems Inc (ALGM) has a beta value of 1.66, and an average true range (ATR) of 1.40. Analysts have given the company’s stock an average 52-week price target of $30, forecast between a low of $26 and high of $33. Looking at the price targets, the low is -11.83% off current price level while to achieve the yearly target high, price needs to move -41.94%. Nonetheless, investors will most likely welcome a -29.03% jump to $30 which is the analysts’ median price.
If we refocus on Allegro Microsystems Inc (NASDAQ:ALGM), historical trading data shows that trading volumes averaged 2.33 million over the past 3 months. The company’s latest data on shares outstanding shows there are 184.04 million shares.
The 33.60% of Allegro Microsystems Inc’s shares are in the hands of company insiders while institutional holders own 77.32% of the company’s shares. Current price change has pushed the stock 6.36% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the ALGM stock continues to rise going into the next quarter.
