5 Best Lidar Stocks To Buy Now

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1. Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Number of Hedge Fund Holders: 19

Allegro MicroSystems, Inc. (NASDAQ:ALGM) is a leading global designer, developer,  manufacturer and marketer of sensor integrated circuits (ICs), and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. With the acquisition of Voxtel in 2020, the company began making moves in advanced photonic and 3D imaging technology, including lidar.

On October 28, Mizuho analyst Vijay Rakesh lowered price target on Allegro MicroSystems, Inc. (NASDAQ:ALGM) to $38 from $42 and maintained a Buy rating on the shares. Although the company issued solid guidance, the analyst adjusted the target for more challenging market conditions, compressed multiples and investor sentiment.

According to Insider Monkey’s data, 19 hedge funds were bullish on Allegro MicroSystems, Inc. (NASDAQ:ALGM) at the end of the second quarter of 2022, compared to 56 funds in the last quarter. John Overdeck and David Siegel’s Two Sigma Advisors is the largest position holder in the company, with 1.66 million shares worth $404.3 million.

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