Alignment Healthcare (NASDAQ:ALHC) Sees Strong Trading Volume

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares saw strong trading volume on Wednesday . 1,220,268 shares were traded during trading, an increase of 31% from the previous session’s volume of 933,396 shares.The stock last traded at $12.14 and had previously closed at $11.68.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Piper Sandler reissued an “overweight” rating and set a $10.00 price objective (up previously from $8.00) on shares of Alignment Healthcare in a report on Tuesday, August 6th. Bank of America raised Alignment Healthcare from a “neutral” rating to a “buy” rating and increased their price objective for the company from $7.75 to $11.00 in a report on Thursday, May 30th. Stifel Nicolaus increased their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the company a “buy” rating in a report on Friday, July 26th. Baird R W upgraded Alignment Healthcare to a “strong-buy” rating in a research note on Thursday, May 30th. Finally, TD Cowen increased their target price on Alignment Healthcare from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Alignment Healthcare currently has a consensus rating of “Moderate Buy” and an average price target of $9.83.

Alignment Healthcare Price Performance

The stock has a 50-day simple moving average of $9.37 and a 200 day simple moving average of $7.40. 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 company has a market cap of $2.18 billion, a P/E ratio of -13.54 and a beta of 1.43.

Alignment Healthcare (NASDAQ:ALHC) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $681.29 million during the quarter, compared to the consensus estimate of $637.66 million. During the same quarter last year, the company earned ($0.15) EPS. The company’s quarterly revenue was up 47.3% on a year-over-year basis. On average, equities analysts expect that Alignment Healthcare, Inc. will post -0.67 EPS for the current year.

Insiders Place Their Bets

In other Alignment Healthcare news, insider Dawn Christine Maroney sold 7,074 shares of the firm’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 value of $63,807.48. Following the completion of the sale, the insider now owns 1,789,023 shares in the company, valued at approximately $16,136,987.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Robert Thomas Freeman sold 14,500 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $12.00, for a total value of $174,000.00. Following the completion of the transaction, the chief financial officer now directly owns 264,429 shares of the company’s stock, valued at approximately $3,173,148. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Dawn Christine Maroney sold 7,074 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $9.02, for a total value of $63,807.48. Following the completion of the transaction, the insider now directly owns 1,789,023 shares of the company’s stock, valued at $16,136,987.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 268,639 shares of company stock worth $2,676,719. 6.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alignment Healthcare

A number of hedge funds have recently modified their holdings of ALHC. Victory Capital Management Inc. raised its holdings in shares of Alignment Healthcare by 17.9% in the 4th quarter. Victory Capital Management Inc. now owns 12,935 shares of the company’s stock worth $111,000 after buying an additional 1,962 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Alignment Healthcare by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 751,309 shares of the company’s stock valued at $6,469,000 after purchasing an additional 10,123 shares in the last quarter. Aigen Investment Management LP increased its holdings in Alignment Healthcare by 18.5% during the 4th quarter. Aigen Investment Management LP now owns 19,764 shares of the company’s stock valued at $170,000 after purchasing an additional 3,092 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Alignment Healthcare by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 39,570 shares of the company’s stock valued at $196,000 after purchasing an additional 3,334 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in Alignment Healthcare during the 1st quarter valued at $57,000. 86.19% of the stock is owned by institutional investors and hedge funds.

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.