The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. 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 $7.04 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 $0.48 million.
As published in their initiating research note from Evercore ISI on April 16, 2024, Allegro Microsystems Inc. [ALGM] has been an Outperform and the price target has been revised to $36. Analysts at Wolfe Research upgraded the stock from ‘”a Peer perform”‘ to ‘”an Outperform”‘ outlook in a report released in early February. As of February 02, 2024, TD Cowen has reiterated its “an Outperform” rating for ALGM. Earlier on September 29, 2023, BofA Securities initiated its rating. Their recommendation was “a Neutral” for ALGM stock.
Analyzing ALGM Stock Performance
During the last five days, there has been a surge of approximately 5.85%. Over the course of the year, Allegro Microsystems Inc. shares have dropped approximately -4.96%. 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 $28.62, while a 200-day SMA reached $31.90. Nevertheless, trading volume fell to 2.13 million shares from 1.22 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 28.11, which, if violated, would cause prices to drop to 27.46. In the upper region, resistance lies at 29.12. The next price resistance is at 29.47. RSI (Relative Strength Index) is 58.13 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.22, which suggests the price will decrease in the coming days. Percent R is at 1.22%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
