Alignment Healthcare (NASDAQ:ALHC) Stock Price Down 9%

Alignment Healthcare, Inc. (NASDAQ:ALHC)’s stock price dropped 9% on Tuesday . The stock traded as low as $10.71 and last traded at $10.76. Approximately 320,465 shares changed hands during trading, a decline of 66% from the average daily volume of 951,762 shares. The stock had previously closed at $11.82.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Robert W. Baird raised their price objective on shares of Alignment Healthcare from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Wednesday, August 14th. Piper Sandler restated an “overweight” rating and issued a $10.00 price target (up from $8.00) on shares of Alignment Healthcare in a research report on Tuesday, August 6th. Stifel Nicolaus lifted their price target on shares of Alignment Healthcare from $9.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, July 26th. TD Cowen increased their price objective on Alignment Healthcare from $8.00 to $10.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Finally, Barclays lifted their target price on Alignment Healthcare from $4.50 to $7.00 and gave the stock an “underweight” rating in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.83.

Alignment Healthcare Stock Performance

The stock has a fifty day simple moving average of $9.65 and a two-hundred day simple moving average of $7.75. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.61 and a current ratio of 1.61. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -12.42 and a beta of 1.43.

Alignment Healthcare (NASDAQ:ALHC) last released its earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.01. Alignment Healthcare had a negative return on equity of 101.10% and a negative net margin of 6.85%. The business had revenue of $681.29 million during the quarter, compared to analysts’ expectations of $637.66 million. During the same quarter last year, the firm posted ($0.15) earnings per share. The firm’s revenue was up 47.3% on a year-over-year basis. Analysts forecast that Alignment Healthcare, Inc. will post -0.67 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Robert Thomas Freeman sold 38,858 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $10.01, for a total transaction of $388,968.58. Following the transaction, the chief financial officer now directly owns 414,429 shares of the company’s stock, valued at $4,148,434.29. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Dawn Christine Maroney sold 7,074 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $9.02, for a total transaction of $63,807.48. Following the completion of the sale, the insider now owns 1,789,023 shares in the company, valued at $16,136,987.46. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Robert Thomas Freeman sold 38,858 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $10.01, for a total value of $388,968.58. Following the transaction, the chief financial officer now directly owns 414,429 shares in the company, valued at $4,148,434.29. The disclosure for this sale can be found here. Insiders sold 267,973 shares of company stock worth $2,671,391 in the last quarter. 6.60% of the stock is owned by corporate insiders.

Institutional Trading of Alignment Healthcare

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. bought a new position in shares of Alignment Healthcare in the first quarter valued at $57,000. Virtu Financial LLC acquired a new stake in shares of Alignment Healthcare in the 1st quarter worth about $57,000. Allspring Global Investments Holdings LLC lifted its position in Alignment Healthcare by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 39,570 shares of the company’s stock valued at $196,000 after acquiring an additional 3,334 shares in the last quarter. Mackenzie Financial Corp lifted its position in Alignment Healthcare by 110.0% in the 2nd quarter. Mackenzie Financial Corp now owns 36,526 shares of the company’s stock valued at $286,000 after acquiring an additional 19,129 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Alignment Healthcare by 20.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,531 shares of the company’s stock valued at $434,000 after purchasing an additional 9,595 shares during the last quarter. Institutional investors own 86.19% of the company’s stock.

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.