Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Allegro Microsystems Inc. shares valued at $232,001,015 were sold by Sanken Electric Co., Ltd. on Aug 07 ’24. At $23.16 per share, Sanken Electric Co., Ltd. sold 10,017,315 shares. The insider’s holdings dropped to 59,732,782 shares worth approximately $1.24 billion following the completion of this transaction.
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Also, Sanken Electric Co., Ltd. sold 28,750,000 shares, netting a total of over 665,850,000 in proceeds. Following the sale of shares at $23.16 each, the insider now holds 69,750,097 shares.
Before that, Lury Richard R. had sold 8,500 shares from its account. In a trade valued at $255,000, the Director traded Allegro Microsystems Inc. shares for $30.00 each. Upon closing the transaction, the insider’s holdings decreased to 8,500 shares, worth approximately $0.48 million.
As published in their initiating research note from UBS on September 03, 2024, Allegro Microsystems Inc. [ALGM] has been a Buy and the price target has been revised to $33. Analysts at Jefferies started covering the stock with ‘”a Buy”‘ outlook in a report released in mid May. As of May 10, 2024, TD Cowen has reiterated its “Buy” rating for ALGM. Earlier on April 16, 2024, Evercore ISI initiated its rating. Their recommendation was “an Outperform” for ALGM stock.
Analyzing ALGM Stock Performance
During the last five days, there has been a surge of approximately 1.46%. Over the course of the year, Allegro Microsystems Inc. shares have dropped approximately -31.25%. Nevertheless, trading volume fell to 2.0 million shares from 2.08 million shares the previous day.
Support And Resistance Levels for Allegro Microsystems Inc. (ALGM)
RSI (Relative Strength Index) is 44.60 on the 14-day chart, showing neutral technical sentiment.
