ALGM Stock Summary and Trading Ideas (Allegro Microsystems | NASDAQ:ALGM)

Allegro Microsystems Inc is a designer, developer, fabless manufacturer and marketer of sensor ICs and application-specific analog power ICs enabling the critical emerging technologies in the automotive and industrial markets. It is a supplier of power ICs. Its sensor IC allow customers to precisely measure motion, speed, position and current. At the same time, its power ICs include high-temperature and high-voltage capable motor driver, power management and LED driver ICs. Its products are divided into three categories such as SENSE which include Current Sensors, Switches and Latches, Linear and Angular Position, Magnetic Speed Sensors, and Photonics; REGULATE which include Regulators, ClearPower Modules, and LED Drivers; and DRIVE which includes BLDC Drivers, Brush DC and Stepper Driver.

Allegro Microsystems trades on the NASDAQ stock market under the symbol ALGM.

As of September 27, 2023, ALGM stock price climbed to $31.86 with 1,323,940 million shares trading.

ALGM has a beta of 1.66, meaning it tends to be more sensitive to market movements. ALGM has a correlation of 0.29 to the broad based SPY ETF.

ALGM has a market cap of $6.12 billion. This is considered a Mid Cap stock.

Last quarter Allegro Microsystems reported $278 million in Revenue and $.39 earnings per share. This beat revenue expectation by $3 million and exceeded earnings estimates by $.02.

The top ETF exchange traded funds that ALGM belongs to (by Net Assets): VTI, IJH, VB, VBK, VGT.

ALGM has outperformed the market in the last year with a return of +47.8%, while the SPY ETF gained +18.7%. However, in the most recent history, ALGM shares have underperformed the stock market with its stock returning -22.3% in the last 3 month period and -6.3% for the last 2 week period, while SPY has returned -0.9% and -4.1%, respectively.

ALGM support price is $30.81 and resistance is $32.17 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that ALGM stock will trade within this expected range on the day.