Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down on Insider Selling

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares gapped down before the market opened on Friday following insider selling activity. The stock had previously closed at $12.83, but opened at $11.10. Alignment Healthcare shares last traded at $11.51, with a volume of 5,217,110 shares changing hands.

Specifically, insider Dawn Christine Maroney sold 30,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were 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 of the company’s stock, valued at approximately $19,250,700.95. This represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John E. Kao sold 90,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $13.42, for a total transaction of $1,207,800.00. Following the transaction, the chief executive officer now owns 2,453,100 shares in the company, valued at $32,920,602. This represents a 3.54 % decrease in their position. The disclosure for this sale can be found here. In related news, CFO Robert Thomas Freeman sold 30,500 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $13.42, for a total transaction of $409,310.00. Following the completion of the sale, the chief financial officer now directly owns 92,929 shares of the company’s stock, valued at approximately $1,247,107.18. This represents a 24.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ALHC. Robert W. Baird boosted their price target 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 reaffirmed 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. Barclays raised their target price 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. UBS Group raised their price target on Alignment Healthcare from $9.00 to $12.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, KeyCorp initiated coverage on shares of Alignment Healthcare in a 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, three have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.33.

Alignment Healthcare Stock Performance

The stock has a market capitalization of $2.20 billion, a P/E ratio of -14.92 and a beta of 1.45. The company has a 50-day moving average price of $11.59 and a two-hundred day moving average price of $9.38. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82.

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

Hedge Funds Weigh In On Alignment Healthcare

A number of hedge funds have recently modified their holdings of ALHC. Geode Capital Management LLC lifted its position in Alignment Healthcare by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,442,447 shares of the company’s stock valued at $28,875,000 after buying an additional 32,839 shares during the period. Barclays PLC boosted its position in shares of Alignment Healthcare by 144.1% in the 3rd quarter. Barclays PLC now owns 193,446 shares of the company’s stock worth $2,287,000 after purchasing an additional 114,191 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Alignment Healthcare in the 3rd quarter worth approximately $523,000. State Street Corp increased its position in Alignment Healthcare by 0.9% during the 3rd quarter. State Street Corp now owns 2,252,287 shares of the company’s stock valued at $26,622,000 after buying an additional 20,731 shares in the last quarter. Finally, Atom Investors LP bought a new stake in Alignment Healthcare in the third quarter worth $961,000. Hedge funds and other institutional investors own 86.19% of the company’s stock.

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.