Principal Financial Group Inc. Has $2.29 Million Holdings in Alignment Healthcare, Inc. (NASDAQ:ALHC)

Principal Financial Group Inc. grew its stake in Alignment Healthcare, Inc. (NASDAQ:ALHC) by 1,335.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 194,043 shares of the company’s stock after buying an additional 180,522 shares during the period. Principal Financial Group Inc.’s holdings in Alignment Healthcare were worth $2,294,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALHC. nVerses Capital LLC acquired a new position in Alignment Healthcare during the 3rd quarter valued at $95,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Alignment Healthcare in the 3rd quarter worth approximately $131,000. Creative Planning grew its holdings in shares of Alignment Healthcare by 20.0% during the 3rd quarter. Creative Planning now owns 12,442 shares of the company’s stock worth $147,000 after purchasing an additional 2,072 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Alignment Healthcare by 110.0% during the second quarter. Mackenzie Financial Corp now owns 36,526 shares of the company’s stock valued at $286,000 after purchasing an additional 19,129 shares during the period. Finally, Intech Investment Management LLC acquired a new position in shares of Alignment Healthcare in the third quarter valued at $315,000. Institutional investors and hedge funds own 86.19% of the company’s stock.

Insider Buying and Selling at Alignment Healthcare

In other news, Director Joseph S. Konowiecki sold 6,920 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $13.73, for a total value of $95,011.60. Following the completion of the sale, the director now directly owns 1,134,888 shares of the company’s stock, valued at $15,582,012.24. This represents a 0.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO John E. Kao sold 90,000 shares of Alignment Healthcare stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $11.65, for a total transaction of $1,048,500.00. Following the transaction, the chief executive officer now directly owns 2,363,100 shares in the company, valued at $27,530,115. The trade was a 3.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 631,504 shares of company stock worth $7,639,287. Company insiders own 6.60% of the company’s stock.

Alignment Healthcare Stock Performance

Shares of Alignment Healthcare stock opened at $11.70 on Friday. The firm has a 50 day simple moving average of $11.93 and a 200 day simple moving average of $10.39. Alignment Healthcare, Inc. has a fifty-two week low of $4.46 and a fifty-two week high of $14.25. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.60 and a quick ratio of 1.60. The firm has a market cap of $2.24 billion, a P/E ratio of -15.19 and a beta of 1.42.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ALHC shares. Barclays increased their price objective on shares of Alignment Healthcare from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Wednesday, October 30th. Stephens reissued an “overweight” rating and issued a $17.00 target price on shares of Alignment Healthcare in a report on Thursday. UBS Group lifted their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, KeyCorp initiated coverage on shares of Alignment Healthcare in a research report on Friday, October 11th. They set a “sector weight” rating for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.44.

About Alignment Healthcare

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.