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Allegro MicroSystems, Inc. (ALGM) Dips More Than Broader Markets: What You Should Know
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Allegro MicroSystems, Inc. (ALGM - Free Report) closed the most recent trading day at $38.44, moving -0.9% from the previous trading session. This change lagged the S&P 500's daily loss of 0.38%. Elsewhere, the Dow lost 0.68%, while the tech-heavy Nasdaq lost 10.47%.
Coming into today, shares of the company had lost 13.95% in the past month. In that same time, the Computer and Technology sector lost 1.96%, while the S&P 500 gained 2.61%.
Wall Street will be looking for positivity from Allegro MicroSystems, Inc. as it approaches its next earnings report date. This is expected to be May 10, 2023. The company is expected to report EPS of $0.36, up 71.43% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $265 million, up 32.31% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Allegro MicroSystems, Inc.These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Allegro MicroSystems, Inc. is currently a Zacks Rank #3 (Hold).
Investors should also note Allegro MicroSystems, Inc.'s current valuation metrics, including its Forward P/E ratio of 29.72. This represents a premium compared to its industry's average Forward P/E of 19.04.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 99, putting it in the top 40% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Allegro MicroSystems, Inc. (ALGM) Dips More Than Broader Markets: What You Should Know
Allegro MicroSystems, Inc. (ALGM - Free Report) closed the most recent trading day at $38.44, moving -0.9% from the previous trading session. This change lagged the S&P 500's daily loss of 0.38%. Elsewhere, the Dow lost 0.68%, while the tech-heavy Nasdaq lost 10.47%.
Coming into today, shares of the company had lost 13.95% in the past month. In that same time, the Computer and Technology sector lost 1.96%, while the S&P 500 gained 2.61%.
Wall Street will be looking for positivity from Allegro MicroSystems, Inc. as it approaches its next earnings report date. This is expected to be May 10, 2023. The company is expected to report EPS of $0.36, up 71.43% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $265 million, up 32.31% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Allegro MicroSystems, Inc.These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Allegro MicroSystems, Inc. is currently a Zacks Rank #3 (Hold).
Investors should also note Allegro MicroSystems, Inc.'s current valuation metrics, including its Forward P/E ratio of 29.72. This represents a premium compared to its industry's average Forward P/E of 19.04.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 99, putting it in the top 40% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.