ALGM is trading 4.5% down at $66.50 as investors lock in gains following a sharp multi-day rally driven by bullish analyst sentiment and AI-related semiconductor optimism.
- The stock surged in late June following price target increases from firms including Mizuho and TD Cowen, who cited strong demand from AI data centers and automotive markets.
- Shares are currently pulling back as traders take profits amid a slightly weaker broader market environment.