Allegro MicroSystems Inc. (ALGM) shares are trading at lower $21.86.
To add more color to this target, the company’s high over the last year is $27.50 and the low is $16.78. while the S&P 500 is up 14.95%. The catalyst for this interesting swing was the company’s recent earnings report.
A Notable Earnings Report
Find out when ALGM reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. ALGM has a short ratio of 0.00 and outstanding shares of 187.27M.
ALGM has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 0.61 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 3.63. Investors should also keep an eye on sector updates as ALGM has historically followed its peers on positive news.
All told, Allegro MicroSystems Inc. ALGM has strung together solid data and demonstrated underlying fundamentals. At its current valuation, ALGM represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.
Allegro MicroSystems Inc. ALGM is now commanding a market cap of 4.09B and a float of 178.79M. ALGM is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of ALGM stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in ALGM, either long or short, and we have not been compensated for this article.