Allegro Microsystems Inc.’s filing revealed that 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 $1.24 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 $0.48 million.
UBS initiated its Allegro Microsystems Inc. [ALGM] rating to a Buy in a research note published on September 03, 2024; the price target was $33. A number of analysts have revised their coverage, including Jefferies’s analysts, who began to cover the stock in mid May with a ‘”a Buy”‘ rating. TD Cowen also remained covering ALGM and reiterated its “Buy” recommendation on May 10, 2024. Evercore ISI started covering the stock on April 16, 2024. It rated ALGM as “an Outperform”.
Price Performance Review of ALGM
On Friday, Allegro Microsystems Inc. [NASDAQ:ALGM] saw its stock jump 0.44% to $20.71. Over the last five days, the stock has lost -2.54%. Allegro Microsystems Inc. shares have fallen nearly -31.58% since the year began. Nevertheless, the stocks have fallen -30.97% over the past one year. While a 52-week high of $33.26 was reached on 07/16/24, a 52-week low of $19.82 was recorded on 10/10/24. SMA at 50 days reached $22.76, while 200 days put it at $27.00.
Levels Of Support And Resistance For ALGM Stock
The 24-hour chart illustrates a support level at 20.43, which if violated will result in even more drops to 20.16. On the upside, there is a resistance level at 20.99. A further resistance level may holdings at 21.28. The Relative Strength Index (RSI) on the 14-day chart is 41.46, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.43, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 74.50%. Stochastics %K at 19.16% 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 2024-09-30, growing by 3.87 million shares to a total of 13.08 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-30 was 9.2 million shares. There was a rise of 29.62%, which implies that there is a positive sentiment for the stock.
