Alignment Healthcare, Inc. (NASDAQ:ALHC) Short Interest Down 13.2% in February

Alignment Healthcare, Inc. (NASDAQ:ALHC) was the recipient of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 7,050,000 shares, a drop of 13.2% from the February 13th total of 8,120,000 shares. Approximately 6.7% of the company’s shares are short sold. Based on an average trading volume of 1,930,000 shares, the days-to-cover ratio is currently 3.7 days.

Insider Buying and Selling at Alignment Healthcare

In other Alignment Healthcare news, CEO John E. Kao sold 90,000 shares of Alignment Healthcare stock in a transaction on Monday, January 13th. The shares were sold at an average price of $13.06, for a total value of $1,175,400.00. Following the sale, the chief executive officer now directly owns 2,273,100 shares in the company, valued at approximately $29,686,686. The trade was a 3.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andreas P. Wagner sold 7,632 shares of Alignment Healthcare stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $16.40, for a total transaction of $125,164.80. Following the completion of the sale, the insider now owns 223,474 shares in the company, valued at $3,664,973.60. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,901,665 shares of company stock valued at $29,141,513. 6.60% of the stock is currently owned by insiders.

Institutional Trading of Alignment Healthcare

Several hedge funds have recently added to or reduced their stakes in ALHC. Wellington Management Group LLP raised its position in Alignment Healthcare by 77.9% in the fourth quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company’s stock worth $83,683,000 after acquiring an additional 3,257,630 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of Alignment Healthcare by 54.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,649,042 shares of the company’s stock valued at $97,302,000 after purchasing an additional 3,059,596 shares during the period. Millennium Management LLC raised its position in shares of Alignment Healthcare by 588.3% in the fourth quarter. Millennium Management LLC now owns 3,388,602 shares of the company’s stock valued at $38,122,000 after purchasing an additional 2,896,311 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Alignment Healthcare in the fourth quarter valued at approximately $20,087,000. Finally, Broad Bay Capital Management LP purchased a new position in Alignment Healthcare during the fourth quarter valued at approximately $18,804,000. Institutional investors own 86.19% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ALHC. Stephens reaffirmed an “overweight” rating and set a $17.00 target price on shares of Alignment Healthcare in a report on Monday, February 24th. Piper Sandler boosted their price objective on shares of Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, March 4th. Bank of America boosted their price objective on shares of Alignment Healthcare from $15.50 to $18.50 and gave the company a “buy” rating in a report on Tuesday, March 4th. Barclays boosted their price objective on shares of Alignment Healthcare from $8.00 to $9.00 and gave the company an “underweight” rating in a report on Friday, February 28th. Finally, Stifel Nicolaus boosted their target price on shares of Alignment Healthcare from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.83.

Alignment Healthcare Stock Down 0.1 %

Shares of NASDAQ ALHC opened at $17.18 on Friday. The stock has a market capitalization of $3.30 billion, a P/E ratio of -22.31 and a beta of 1.49. The company has a 50-day moving average price of $14.79 and a 200-day moving average price of $12.63. Alignment Healthcare has a 1 year low of $4.46 and a 1 year high of $17.38. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.60 and a quick ratio of 1.60.

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.