Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Allegro Microsystems Inc. shares valued at $476,486 were sold by Glover Max R. on Mar 08 ’24. At $31.77 per share, Glover Max R. sold 15,000 shares. The insider’s holdings dropped to 244,625 shares worth approximately $6.3 million following the completion of this transaction.
Also, Nargolwala Vineet A purchased 1,000 shares, netting a total of over 27,840 in proceeds. Following the buying of shares at $27.84 each, the insider now holds 302,161 shares.
Before that, Lynch Susan D had added 350 shares to its account. In a trade valued at $9,580, the Director bought Allegro Microsystems Inc. shares for $27.37 each. Upon closing the transaction, the insider’s holdings increased to 350 shares, worth approximately $0.43 million.
As published in a research note from Wolfe Research on February 02, 2024, Allegro Microsystems Inc. [ALGM] has been rated up from a Peer perform to an Outperform and the price target has been revised to $35. Analysts at TD Cowen resumed the stock at ‘”an Outperform”‘ outlook in a report released in early February. As of September 29, 2023, BofA Securities has initiated its “Neutral” rating for ALGM. Earlier on July 20, 2023, Wolfe Research initiated its rating. Their recommendation was “a Peer perform” for ALGM stock.
Analyzing ALGM Stock Performance
During the last five days, there has been a drop of approximately -1.98%. Over the course of the year, Allegro Microsystems Inc. shares have dropped approximately -14.97%. Shares of the company reached a 52-week high of $32.63 on 03/01/24 and a 52-week low of $25.00 on 01/17/24. A 50-day SMA is recorded $29.19, while a 200-day SMA reached $33.10. Nevertheless, trading volume fell to 1.21 million shares from 1.19 million shares the previous day.
Support And Resistance Levels for Allegro Microsystems Inc. (ALGM)
According to the 24-hour chart, there is a support level at 25.43, which, if violated, would cause prices to drop to 25.12. In the upper region, resistance lies at 26.07. The next price resistance is at 26.40. RSI (Relative Strength Index) is 33.29 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.91, which suggests the price will decrease in the coming days. Percent R is at 92.75%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Allegro Microsystems Inc. subject to short interest?
Stocks of Allegro Microsystems Inc. saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.89 million shares to 8.07 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 7.18 million shares. A jump of 11.03% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.37 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.37.
