First Trust Advisors LP Makes New $7.54 Million Investment in Allego (NYSE:ALLG)

First Trust Advisors LP bought a new position in Allego (NYSE:ALLG – Get Rating) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 1,729,258 shares of the company’s stock, valued at approximately $7,540,000.

A number of other large investors have also recently modified their holdings of the business. UBS Group AG bought a new stake in Allego in the 1st quarter worth approximately $29,000. ExodusPoint Capital Management LP purchased a new position in Allego in the 2nd quarter worth approximately $54,000. Raymond James Financial Services Advisors Inc. purchased a new position in Allego in the 3rd quarter worth approximately $77,000. Penserra Capital Management LLC purchased a new position in Allego in the 1st quarter worth approximately $105,000. Finally, Millennium Management LLC purchased a new position in Allego in the 2nd quarter worth approximately $126,000. Institutional investors own 34.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ALLG shares. Cowen decreased their price target on Allego from $10.00 to $4.00 in a research note on Tuesday, November 15th. Cowen reduced their target price on Allego from $10.00 to $4.00 in a research note on Tuesday, November 15th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.00.

Allego Stock Down 7.9 %

NYSE ALLG opened at $3.52 on Tuesday. The company has a debt-to-equity ratio of 2.59, a quick ratio of 0.92 and a current ratio of 1.25. The stock’s 50 day moving average is $3.99 and its 200 day moving average is $3.90. Allego has a twelve month low of $2.33 and a twelve month high of $28.44.

Allego Profile

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Allego N.V. operates as an electric vehicle (EV) charging company. The company offers charging solutions for electric cars, motors, buses, and trucks. It has a charging network with renewable energy and charging solutions for business-to-business customers, including leading retail and auto brands. The company has approximately 28,000 charging ports in Europe.