Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Allegro Microsystems Inc shares valued at $285,000 were purchased by Doogue Michael on Nov 18 ’24. At $19.00 per share, Doogue Michael acquired 15,000 shares. The insider’s holdings grew to 246,086 shares worth approximately $5.13 million following the completion of this transaction.
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Also, Nargolwala Vineet A purchased 5,000 shares, netting a total of over 99,446 in proceeds. Following the buying of shares at $19.89 each, the insider now holds 356,113 shares.
Before that, Sanken Electric Co., Ltd. had sold 10,017,315 shares from its account. In a trade valued at $232,001,015, the 10% Owner traded Allegro Microsystems Inc shares for $23.16 each. Upon closing the transaction, the insider’s holdings decreased to 10,017,315 shares, worth approximately $1.24 billion.
As published in their initiating research note from Wells Fargo on November 22, 2024, Allegro Microsystems Inc [ALGM] has been an Overweight and the price target has been revised to $23. Analysts at Loop Capital started covering the stock with ‘”a Buy”‘ outlook in a report released in mid November. As of November 07, 2024, Morgan Stanley has initiated its “an Equal-weight” rating for ALGM. Earlier on September 03, 2024, UBS initiated its rating. Their recommendation was “a Buy” for ALGM stock.
Analyzing ALGM Stock Performance
During the last five days, there has been a drop of approximately -3.03%. Over the course of the year, Allegro Microsystems Inc shares have dropped approximately -31.19%. Shares of the company reached a 52-week high of $33.26 on 07/16/24 and a 52-week low of $18.59 on 11/15/24. A 50-day SMA is recorded $21.30, while a 200-day SMA reached $25.79. Nevertheless, trading volume fell to 1.77 million shares from 2.16 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 20.50, which, if violated, would cause prices to drop to 20.16. In the upper region, resistance lies at 21.37. The next price resistance is at 21.91. RSI (Relative Strength Index) is 47.29 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.35, which suggests the price will decrease in the coming days. Percent R is at 48.74%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
