Why Is ALLEGRO MICROSYSTEMS (ALGM) Stock Moving Today?

Why ALGM stock is down today

Allegro MicroSystems (ALGM) fell 10.67% to $39.53 in afternoon trading on August 18. The stock opened with a 4.2% gap down from the prior close and continued to decline throughout the session. Despite a new Buy rating from Benchmark, the stock struggled amid mixed analyst price targets and recent insider selling.

What Happened

Benchmark initiated coverage on ALGM with a Buy rating and a $60 price target. This was one of several analyst actions in recent days, including Mizuho maintaining an Outperform rating with a $58 price target, Morgan Stanley raising its target to $52, and TD Cowen lowering its target to $48. Despite the positive analyst attention, the stock declined sharply. The session low of $39.47 was reached at 3:40 PM ET. Volume was 1.2 million shares, which is 0.4 times the 3-month daily average. The stock is currently trading near its 52-week low of $22.41.

What The Data Shows

The stock has had a volatile year, printing one fresh 52-week high and 23 fresh 52-week lows on August 18. Recent insider transactions include four sell filings totaling $805,000 in the last 90 days. The most recent sale occurred on August 12. The stock has a high beta of 1.94, indicating significant volatility relative to the market. It also trades at a high P/E of 554.9 and has a net margin of 1.5%.

What To Watch

Investors should monitor the stock for any follow-up analyst commentary or corporate developments. No earnings date is provided in the current data. Coverage breadth remains limited, with only one story from one source in the last 36 hours.