Alignment Healthcare (NASDAQ:ALHC) Shares Gap Up on Analyst Upgrade

Alignment Healthcare, Inc. (NASDAQ:ALHC)’s share price gapped up before the market opened on Wednesday after Robert W. Baird raised their price target on the stock from $10.00 to $11.00. The stock had previously closed at $8.49, but opened at $8.78. Robert W. Baird currently has an outperform rating on the stock. Alignment Healthcare shares last traded at $8.77, with a volume of 104,521 shares.

Several other research analysts have also recently weighed in on the stock. TD Cowen upped their price objective on shares of Alignment Healthcare from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Baird R W raised shares of Alignment Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. Barclays raised their price objective on shares of Alignment Healthcare from $4.50 to $7.00 and gave the company an “underweight” rating in a research report on Monday, August 5th. Stephens upped their target price on shares of Alignment Healthcare from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Finally, Piper Sandler restated an “overweight” rating and set a $10.00 price target (up previously from $8.00) on shares of Alignment Healthcare in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.05.

Insider Buying and Selling

In other Alignment Healthcare news, insider Dawn Christine Maroney sold 36,700 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $10.01, for a total value of $367,367.00. Following the completion of the sale, the insider now owns 1,816,097 shares in the company, valued at $18,179,130.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Alignment Healthcare news, insider Dawn Christine Maroney sold 36,700 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $10.01, for a total value of $367,367.00. Following the sale, the insider now owns 1,816,097 shares of the company’s stock, valued at approximately $18,179,130.97. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christopher J. Joyce sold 16,000 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $8.01, for a total transaction of $128,160.00. Following the completion of the transaction, the insider now owns 422,912 shares in the company, valued at approximately $3,387,525.12. The disclosure for this sale can be found here. Insiders have sold a total of 226,554 shares of company stock worth $2,154,152 in the last ninety days. 6.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Alignment Healthcare

Several institutional investors and hedge funds have recently bought and sold shares of the business. William Blair Investment Management LLC raised its holdings in shares of Alignment Healthcare by 94.4% during the second quarter. William Blair Investment Management LLC now owns 3,104,681 shares of the company’s stock valued at $24,279,000 after acquiring an additional 1,507,759 shares in the last quarter. Hood River Capital Management LLC raised its holdings in Alignment Healthcare by 49.6% in the 1st quarter. Hood River Capital Management LLC now owns 2,920,836 shares of the company’s stock worth $14,487,000 after purchasing an additional 968,637 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Alignment Healthcare by 283.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 315,629 shares of the company’s stock worth $1,566,000 after purchasing an additional 233,417 shares during the period. Renaissance Technologies LLC boosted its stake 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 valued at $12,245,000 after purchasing an additional 225,000 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Alignment Healthcare during the first quarter valued at about $918,000. Hedge funds and other institutional investors own 86.19% of the company’s stock.

Alignment Healthcare Trading Up 2.0 %

The company has a debt-to-equity ratio of 1.23, a current ratio of 1.57 and a quick ratio of 1.57. The stock’s 50 day moving average is $8.45 and its 200-day moving average is $6.82. The company has a market capitalization of $1.66 billion, a P/E ratio of -10.11 and a beta of 1.43.

Alignment Healthcare (NASDAQ:ALHC) last announced its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.01. Alignment Healthcare had a negative return on equity of 95.55% and a negative net margin of 6.85%. The firm had revenue of $681.29 million during the quarter, compared to analyst estimates of $637.66 million. During the same quarter in the prior year, the company earned ($0.15) EPS. The business’s revenue was up 47.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Alignment Healthcare, Inc. will post -0.67 earnings per share for the current year.

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.