Allegro Microsystems Inc (NASDAQ:ALGM) shares, rose in value, with the stock price up by 6.95% to the previous day’s close as strong demand from buyers drove the stock to $26.78.
Actively observing the price movement in the last trading, the stock closed the session at $25.04. Referring to stock’s 52-week performance, its high was $33.26, and the low was $18.59. On the whole, ALGM has fluctuated by 16.64% over the past month.
With the market capitalization of Allegro Microsystems Inc currently standing at about $4.93 billion, investors are eagerly awaiting this quarter’s results, scheduled for in April.
Projections by analysts suggest varying estimates for the company’s quarterly revenue. Analysts have estimated the company’s revenue for the quarter at 717.44M, with a low estimate of 185M and a high estimate of 187.5M. Wall Street analysts also predicted that the company’s y-o-y revenues would reach 185.36M.
Technical indicators serve as essential tools for traders, offering insights into market sentiment and potential price movements. We see that ALGM’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium-term indicators have put the stock in the category of 50% Buy while long-term indicators on average have been pointing out that it is a 50% Buy.
The stock’s technical analysis shows that the price of ALGM currently trading nearly 7.45% and 11.91% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 58.67, while the 7-day volatility ratio is showing 8.33% which for the 30-day chart, stands at 6.44%. Furthermore, Allegro Microsystems Inc (ALGM)’s beta value is 1.60, and its average true range (ATR) is 1.73.
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 6.95% in last session, and over the past year, it shrunk by -17.55%%. In comparison, NVIDIA Corp. (NVDA) has moved higher at 1.13%% on the day and was up 32.24% over the past 12 months. On the other hand, the price of Broadcom Inc. (AVGO) has risen 2.19%% on the day. The stock, however, is off 41.91% from where it was a year ago. Additionally, there is a gain of 2.61%% for Qualcomm Inc. (QCOM) in last trading while the stock has seen an overall depriciation of -5.60%% over the past year.
Data on historical trading for Allegro Microsystems Inc (NASDAQ:ALGM) indicates that the trading volumes over the past 3 months, they’ve averaged 2.66 million. According to company’s latest data on outstanding shares, there are 184.04 million shares outstanding.
Nearly 33.48% of Allegro Microsystems Inc’s shares belong to company insiders and institutional investors own 77.34% of the company’s shares. The stock has risen by 22.51% 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.
