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A resistance level has formed in the chart of Allegro Microsystems Inc. (ALGM). If the stock breaks through that level, a break out could soon occur. Read more to learn how to profit from this trade.Allegro Microsystems Inc. (ALGM) is a global designer, developer, fabless manufacturer and marketer of sensor ICs and application-specific analog power ICs enabling the important emerging technologies in the automotive and industrial markets.
The company has been benefiting from the COVID recovery as sales for its magnetic sensor ICs reached an all-time record in the most recent quarter, growing 7% sequentially, and 16% year over year. Their power ICs were up 5% sequentially and 36% year over year, also achieving record revenue levels.
ALGM has a current ratio of 3.7 indicating it has more than enough liquidity to handle short-term obligations. Although the company's net profit margin of 3% is low. Both earnings and revenue increased sequentially in the most recent quarter. Analysts forecast 20% sales growth and 41.3% earnings growth for the year.
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