Allegro Microsystems Inc.’s recently made public that its SVP of Worldwide Sales Glover Max R. unloaded Company’s shares for reported $0.48 million on Mar 08 ’24. In the deal valued at $31.77 per share,15,000 shares were sold. As a result of this transaction, Glover Max R. now holds 244,625 shares worth roughly $6.42 million.
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Then, Nargolwala Vineet A bought 1,000 shares, generating $27,840 in total proceeds. Upon buying the shares at $27.84, the President and CEO now owns 302,161 shares.
Before that, Lynch Susan D bought 350 shares. Allegro Microsystems Inc. shares valued at $9,580 were divested by the Director at a price of $27.37 per share. As a result of the transaction, Lynch Susan D now holds 16,711 shares, worth roughly $0.44 million.
Wolfe Research upgraded its Allegro Microsystems Inc. [ALGM] rating to an Outperform from a a Peer perform in a research note published recently. A number of analysts have revised their coverage, including TD Cowen’s analysts, who remained covering the stock and in early February has reiterated a ‘”an Outperform”‘ rating for it. BofA Securities began covering ALGM with “Neutral” recommendation on September 29, 2023. Wolfe Research started covering the stock on July 20, 2023. It rated ALGM as “a Peer perform”.
Price Performance Review of ALGM
On Tuesday, Allegro Microsystems Inc. [NASDAQ:ALGM] saw its stock fall -1.06% to $26.26. Over the last five days, the stock has lost -3.53%. Allegro Microsystems Inc. shares have fallen nearly -13.25% since the year began. Nevertheless, the stocks have fallen -43.33% over the past one year. While a 52-week high of $53.05 was reached on 03/01/24, a 52-week low of $24.66 was recorded on 01/17/24. SMA at 50 days reached $29.24, while 200 days put it at $33.44. A total of 1.2 million shares were traded, compared to the trading of 1.04 million shares in the previous session.
Levels Of Support And Resistance For ALGM Stock
The 24-hour chart illustrates a support level at 26.05, which if violated will result in even more drops to 25.83. On the upside, there is a resistance level at 26.63. A further resistance level may holdings at 27.00. The Relative Strength Index (RSI) on the 14-day chart is 33.29, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.99, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 99.08%. Stochastics %K at 0.99% indicates the stock is a buying.
How much short interest is there in Allegro Microsystems Inc.?
A steep rise in short interest was recorded in Allegro Microsystems Inc. stocks on Feb 29, 2024, growing by 1.35 million shares to a total of 7.87 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 6.52 million shares. There was a rise of 17.15%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 10.35% of the overall stock float, the days-to-cover ratio (short ratio) rose to 3.76.
The most recent change occurred on May 25, 2022 when Cowen began covering the stock and recommended ‘”an Outperform”‘ rating along with a $30 price target.
