Alignment Healthcare, Inc. (NASDAQ:ALHC) Sees Large Drop in Short Interest

Alignment Healthcare, Inc. (NASDAQ:ALHC) was the recipient of a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 4,030,000 shares, a decline of 30.8% from the May 31st total of 5,820,000 shares. Currently, 4.5% of the company’s shares are sold short. Based on an average daily volume of 860,300 shares, the days-to-cover ratio is presently 4.7 days.

Alignment Healthcare Trading Down 0.4 %

Alignment Healthcare stock opened at $7.82 on Friday. The stock has a 50-day moving average of $7.07 and a two-hundred day moving average of $6.67. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.57 and a current ratio of 1.57. Alignment Healthcare has a one year low of $4.46 and a one year high of $9.20. The stock has a market cap of $1.50 billion, a PE ratio of -9.31 and a beta of 1.44.

Alignment Healthcare (NASDAQ:ALHC) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The business had revenue of $628.60 million during the quarter, compared to analysts’ expectations of $599.75 million. Alignment Healthcare had a negative net margin of 7.81% and a negative return on equity of 91.06%. The company’s quarterly revenue was up 43.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.20) earnings per share. On average, research analysts anticipate that Alignment Healthcare will post -0.67 EPS for the current fiscal year.

Insider Activity

In other news, insider Dawn Christine Maroney sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $8.21, for a total transaction of $164,200.00. Following the transaction, the insider now owns 1,956,097 shares of the company’s stock, valued at approximately $16,059,556.37. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Alignment Healthcare news, insider Christopher J. Joyce sold 16,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $8.01, for a total value of $128,160.00. Following the transaction, the insider now owns 422,912 shares of the company’s stock, valued at approximately $3,387,525.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dawn Christine Maroney sold 20,000 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $8.21, for a total value of $164,200.00. Following the transaction, the insider now directly owns 1,956,097 shares in the company, valued at approximately $16,059,556.37. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,200 shares of company stock valued at $302,032. 6.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ALHC. Charles Schwab Investment Management Inc. increased its holdings in shares of Alignment Healthcare by 10.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 741,186 shares of the company’s stock valued at $5,144,000 after purchasing an additional 69,565 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Alignment Healthcare in the third quarter valued at about $206,000. Dark Forest Capital Management LP acquired a new position in shares of Alignment Healthcare in the third quarter valued at about $187,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Alignment Healthcare by 83.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 212,151 shares of the company’s stock valued at $1,472,000 after purchasing an additional 96,533 shares during the period. Finally, Teza Capital Management LLC acquired a new position in shares of Alignment Healthcare in the third quarter valued at about $109,000. 86.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Stifel Nicolaus dropped their price target on Alignment Healthcare from $11.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, April 23rd. Bank of America raised Alignment Healthcare from a “neutral” rating to a “buy” rating and increased their price target for the stock from $7.75 to $11.00 in a research report on Thursday, May 30th. Piper Sandler upgraded Alignment Healthcare from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $6.00 to $8.00 in a research note on Wednesday, May 8th. Stephens upped their price objective on Alignment Healthcare from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Finally, Baird R W upgraded Alignment Healthcare to a “strong-buy” rating in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.20.

Alignment Healthcare Company Profile

Alignment Healthcare, Inc, a tech-enabled Medicare advantage company, operates consumer-centric health care platform for seniors in the United States. It provides customized health care designed to meet the needs of a diverse array of seniors through its Medicare advantage plans. The company was founded in 2013 and is based in Orange, California.