Fmr LLC Cuts Position in Alignment Healthcare, Inc. (NASDAQ:ALHC)

Fmr LLC reduced its position in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) by 1.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 16,987,349 shares of the company’s stock after selling 201,375 shares during the period. Fmr LLC owned approximately 0.09% of Alignment Healthcare worth $200,790,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Deerfield Management Company L.P. Series C boosted its holdings in Alignment Healthcare by 31.8% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company’s stock valued at $85,250,000 after acquiring an additional 2,630,788 shares during the period. William Blair Investment Management LLC lifted its position in shares of Alignment Healthcare by 94.4% during the second quarter. William Blair Investment Management LLC now owns 3,104,681 shares of the company’s stock worth $24,279,000 after purchasing an additional 1,507,759 shares in the last quarter. Royce & Associates LP purchased a new position in shares of Alignment Healthcare in the third quarter valued at approximately $3,782,000. Renaissance Technologies LLC grew its holdings in shares of Alignment Healthcare by 16.8% in the second quarter. Renaissance Technologies LLC now owns 1,565,800 shares of the company’s stock valued at $12,245,000 after purchasing an additional 225,000 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new stake in Alignment Healthcare during the 2nd quarter worth approximately $1,512,000. 86.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ALHC shares. Robert W. Baird boosted their price target on shares of Alignment Healthcare from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 14th. TD Cowen upped their price target on Alignment Healthcare from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Barclays increased their price target on Alignment Healthcare from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Wednesday, October 30th. UBS Group upped their target price on shares of Alignment Healthcare from $9.00 to $12.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, KeyCorp assumed coverage on shares of Alignment Healthcare in a report on Friday, October 11th. They issued a “sector weight” rating on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.33.

Insider Transactions at Alignment Healthcare

In related news, insider Hakan Kardes sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $12.80, for a total transaction of $448,000.00. Following the transaction, the insider now owns 320,444 shares in the company, valued at $4,101,683.20. This trade represents a 9.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Dawn Christine Maroney sold 30,000 shares of Alignment Healthcare stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $11.35, for a total value of $340,500.00. Following the transaction, the insider now directly owns 1,696,097 shares in the company, valued at approximately $19,250,700.95. This trade represents a 1.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 543,433 shares of company stock worth $6,543,028. Corporate insiders own 6.60% of the company’s stock.

Alignment Healthcare Stock Performance

Shares of Alignment Healthcare stock opened at $12.84 on Tuesday. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. Alignment Healthcare, Inc. has a 52 week low of $4.46 and a 52 week high of $14.25. The firm’s 50 day moving average is $11.81 and its two-hundred day moving average is $9.79. The firm has a market capitalization of $2.46 billion, a P/E ratio of -16.36 and a beta of 1.45.

Alignment Healthcare (NASDAQ:ALHC) last posted its earnings results on Tuesday, October 29th. The company reported ($0.14) EPS for the quarter, meeting analysts’ consensus estimates of ($0.14). Alignment Healthcare had a negative net margin of 5.84% and a negative return on equity of 108.69%. The firm had revenue of $692.43 million for the quarter, compared to the consensus estimate of $662.11 million. During the same period last year, the firm posted ($0.19) EPS. The company’s revenue was up 51.6% on a year-over-year basis. Research analysts forecast that Alignment Healthcare, Inc. will post -0.69 EPS for the current fiscal year.

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.