5 Best Lidar Stocks To Buy Now

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

Number of Hedge Fund Holders: 26

Allegro MicroSystems, Inc. (NASDAQ:ALGM) is a prominent worldwide innovator, creator, manufacturer, and promoter of integrated circuits (ICs) for sensors, as well as application-specific analog power ICs, driving progress in the automotive and industrial sectors. The company’s strategic acquisition of Voxtel in 2020 propelled it into the realm of advanced photonic and 3D imaging technologies, including LiDAR.

In the second quarter of 2023, Allegro MicroSystems, Inc. (NASDAQ:ALGM) witnessed a slight surge in hedge fund interest. The company garnered the attention of 26 hedge funds during that quarter, compared to 25 funds that held positions in the prior quarter. Israel Englander’s Millennium Management displayed a particularly bullish stance on Allegro MicroSystems, Inc. (NASDAQ:ALGM) during Q2, accumulating shares valued at $75.7 million.

Artisan Partners made the following comment about Allegro MicroSystems, Inc. (NASDAQ:ALGM) in its Q1 2023 investor letter:

“Among our top contributors were Lattice Semiconductor, Monolithic Power Systems, Allegro MicroSystems, Inc. (NASDAQ:ALGM), HubSpot and Wingstop. A strong area of the portfolio was our semiconductor holdings as Lattice Semiconductor, Monolithic Power Systems and Allegro Microsystems each outperformed. This is an area of the market where we have historically found many compelling opportunities, and we believe it continues to be an attractive area for long-term capital. Our high-level thesis is that industry consolidation is driving profitability improvements which, combined with top-line demand growth drivers, are breeding many interesting profit cycles. Please read our latest semiconductor industry whitepaper to dive into our thoughts on the industry. After the strong performance in the quarter, we trimmed Lattice Semiconductor in order to manage the position size and also trimmed Monolithic Power Systems due to the company outgrowing our small-cap mandate.”

Follow Allegro Microsystems Inc.