Alignment Healthcare (NASDAQ:ALHC) Trading Up 9.3% – Here’s What Happened

Alignment Healthcare, Inc. (NASDAQ:ALHC)’s share price rose 9.3% during trading on Wednesday . The company traded as high as $12.20 and last traded at $12.12. Approximately 724,954 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 1,128,678 shares. The stock had previously closed at $11.09.

Analyst Ratings Changes

ALHC has been the subject of several recent analyst reports. Robert W. Baird increased their target price on Alignment Healthcare from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Wednesday, August 14th. Barclays raised their price objective on shares of Alignment Healthcare from $7.00 to $8.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 30th. Stifel Nicolaus upped their target price on shares of Alignment Healthcare from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, July 26th. KeyCorp began coverage on shares of Alignment Healthcare in a research report on Friday, October 11th. They issued a “sector weight” rating on the stock. Finally, UBS Group upped their price objective on shares of Alignment Healthcare from $9.00 to $12.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.33.

Alignment Healthcare Stock Performance

The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.60 and a current ratio of 1.60. The company has a market capitalization of $2.32 billion, a P/E ratio of -15.71 and a beta of 1.45. The firm has a 50 day moving average price of $11.70 and a two-hundred day moving average price of $9.52.

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

Insider Activity at Alignment Healthcare

In other Alignment Healthcare news, CFO Robert Thomas Freeman sold 8,561 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $10.01, for a total value of $85,695.61. Following the transaction, the chief financial officer now owns 399,429 shares of the company’s stock, valued at approximately $3,998,284.29. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hakan Kardes sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $11.48, for a total value of $287,000.00. Following the completion of the sale, the insider now owns 380,444 shares of the company’s stock, valued at approximately $4,367,497.12. This trade represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 508,433 shares of company stock valued at $6,095,028 in the last ninety days. Insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

A number of institutional investors have recently modified their holdings of the stock. Deerfield Management Company L.P. Series C raised its position in shares of Alignment Healthcare by 31.8% during the second quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company’s stock worth $85,250,000 after acquiring an additional 2,630,788 shares during the last quarter. William Blair Investment Management LLC raised its holdings in Alignment Healthcare by 94.4% during the 2nd 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 during the last quarter. Hood River Capital Management LLC lifted its position in Alignment Healthcare by 49.6% during the 1st quarter. Hood River Capital Management LLC now owns 2,920,836 shares of the company’s stock valued at $14,487,000 after purchasing an additional 968,637 shares during the period. Royce & Associates LP bought a new position in shares of Alignment Healthcare in the 3rd quarter valued at about $3,782,000. Finally, Renaissance Technologies LLC grew its position in shares of Alignment Healthcare by 16.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,565,800 shares of the company’s stock worth $12,245,000 after buying an additional 225,000 shares during the period. 86.19% of the stock is owned by institutional investors.

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.