In a filing, Allegro Microsystems Inc. revealed its 10% Owner Sanken Electric Co., Ltd. unloaded Company’s shares for reported $232.0 million on Aug 07 ’24. In the deal valued at $23.16 per share,10,017,315 shares were sold. As a result of this transaction, Sanken Electric Co., Ltd. now holds 59,732,782 shares worth roughly $1.36 billion.
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Then, Sanken Electric Co., Ltd. sold 28,750,000 shares, generating $665,850,000 in total proceeds. Upon selling the shares at $23.16, the 10% Owner now owns 69,750,097 shares.
Before that, Lury Richard R. sold 8,500 shares. Allegro Microsystems Inc. shares valued at $255,000 were divested by the Director at a price of $30.00 per share. As a result of the transaction, Lury Richard R. now holds 23,001 shares, worth roughly $0.52 million.
Jefferies initiated its Allegro Microsystems Inc. [ALGM] rating to a Buy in a research note published on May 13, 2024; the price target was $37. A number of analysts have revised their coverage, including TD Cowen’s analysts, who remained covering the stock and in early May has reiterated a ‘”a Buy”‘ rating for it. Evercore ISI began covering ALGM with “an Outperform” recommendation on April 16, 2024. Wolfe Research revised its rating on February 02, 2024. It rated ALGM as “an Outperform” which previously was an “a Peer perform”.
Price Performance Review of ALGM
On Friday, Allegro Microsystems Inc. [NASDAQ:ALGM] saw its stock fall -0.52% to $22.82. Over the last five days, the stock has gained 0.13%. Allegro Microsystems Inc. shares have fallen nearly -24.61% since the year began. Nevertheless, the stocks have fallen -43.97% over the past one year. While a 52-week high of $41.45 was reached on 07/16/24, a 52-week low of $20.42 was recorded on 08/07/24. SMA at 50 days reached $27.85, while 200 days put it at $28.30. A total of 2.22 million shares were traded, compared to the trading of 2.88 million shares in the previous session.
Levels Of Support And Resistance For ALGM Stock
The 24-hour chart illustrates a support level at 22.31, which if violated will result in even more drops to 21.80. On the upside, there is a resistance level at 23.19. A further resistance level may holdings at 23.56. The Relative Strength Index (RSI) on the 14-day chart is 38.59, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.27, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 69.70%. Stochastics%K at 19.30% indicates the stock is a buying.
The most recent change occurred on February 02, 2024 when TD Cowen resumed its ‘”an Outperform”‘ rating for the stock and retained the price target to $35.
