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Allegro MicroSystems, Inc. (ALGM) Surges 6.4%: Is This an Indication of Further Gains?
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Allegro MicroSystems, Inc. (ALGM - Free Report) shares rallied 6.4% in the last trading session to close at $35.43. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14% gain over the past four weeks.
Allegro MicroSystems extended its rally, driven by the sold momentum across Industry 4.0, clean energy, EV Charging and data centers. Further, strength in E-Mobility, and growing demand for its magnetic sensor and power IC products remain tailwinds.
This company is expected to post quarterly earnings of $0.32 per share in its upcoming report, which represents a year-over-year change of +68.4%. Revenues are expected to be $245.4 million, up 66.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Allegro MicroSystems, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ALGM going forward to see if this recent jump can turn into more strength down the road.
Allegro MicroSystems, Inc. is a member of the Zacks Electronics - Semiconductors industry. One other stock in the same industry, Navitas Semiconductor Corporation (NVTS - Free Report) , finished the last trading session 0.6% higher at $5.01. NVTS has returned 53.2% over the past month.
Navitas Semiconductor Corporation's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.08. Compared to the company's year-ago EPS, this represents a change of -14.3%. Navitas Semiconductor Corporation currently boasts a Zacks Rank of #4 (Sell).
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Allegro MicroSystems, Inc. (ALGM) Surges 6.4%: Is This an Indication of Further Gains?
Allegro MicroSystems, Inc. (ALGM - Free Report) shares rallied 6.4% in the last trading session to close at $35.43. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14% gain over the past four weeks.
Allegro MicroSystems extended its rally, driven by the sold momentum across Industry 4.0, clean energy, EV Charging and data centers. Further, strength in E-Mobility, and growing demand for its magnetic sensor and power IC products remain tailwinds.
This company is expected to post quarterly earnings of $0.32 per share in its upcoming report, which represents a year-over-year change of +68.4%. Revenues are expected to be $245.4 million, up 66.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Allegro MicroSystems, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ALGM going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Allegro MicroSystems, Inc. is a member of the Zacks Electronics - Semiconductors industry. One other stock in the same industry, Navitas Semiconductor Corporation (NVTS - Free Report) , finished the last trading session 0.6% higher at $5.01. NVTS has returned 53.2% over the past month.
Navitas Semiconductor Corporation's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.08. Compared to the company's year-ago EPS, this represents a change of -14.3%. Navitas Semiconductor Corporation currently boasts a Zacks Rank of #4 (Sell).