Alignment Healthcare (NASDAQ:ALHC) Sets New 52-Week High – Still a Buy?

Alignment Healthcare, Inc. (NASDAQ:ALHC) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $12.44 and last traded at $12.15, with a volume of 42188 shares traded. The stock had previously closed at $12.40.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ALHC. KeyCorp started coverage on shares of Alignment Healthcare in a research note on Friday, October 11th. They set a “sector weight” rating on the stock. TD Cowen upped their price objective on Alignment Healthcare from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Barclays lifted their target price on Alignment Healthcare from $7.00 to $8.00 and gave the stock an “underweight” rating in a research note on Wednesday. UBS Group increased their price target on Alignment Healthcare from $9.00 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Robert W. Baird raised their price objective on shares of Alignment Healthcare from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 14th. One 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.33.

Alignment Healthcare Trading Down 2.4 %

The firm has a market capitalization of $2.32 billion, a P/E ratio of -16.10 and a beta of 1.47. The company has a quick ratio of 1.61, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. The firm has a 50 day moving average of $10.74 and a 200-day moving average of $8.73.

Alignment Healthcare (NASDAQ:ALHC) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.14) earnings per share for the quarter, hitting the consensus estimate of ($0.14). Alignment Healthcare had a negative net margin of 5.84% and a negative return on equity of 108.69%. The business had revenue of $692.43 million during the quarter, compared to analysts’ expectations of $662.11 million. During the same quarter in the prior year, the business posted ($0.19) earnings per share. Alignment Healthcare’s revenue was up 51.6% compared to the same quarter last year. On average, equities research analysts predict that Alignment Healthcare, Inc. will post -0.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Alignment Healthcare news, CFO Robert Thomas Freeman sold 8,561 shares of Alignment Healthcare stock in a transaction dated 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 in the company, valued at $3,998,284.29. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Alignment Healthcare news, CFO Robert Thomas Freeman sold 8,561 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $10.01, for a total value of $85,695.61. Following the sale, the chief financial officer now owns 399,429 shares in the company, valued at $3,998,284.29. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a 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 on Thursday, August 22nd. The shares were 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 owns 1,789,023 shares of the company’s stock, valued at $16,136,987.46. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 354,287 shares of company stock worth $3,964,670. Corporate insiders own 6.60% of the company’s stock.

Institutional Trading of Alignment Healthcare

Several hedge funds and other institutional investors have recently made changes to their positions in ALHC. Deerfield Management Company L.P. Series C increased its holdings in Alignment Healthcare by 31.8% in the second quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company’s stock valued at $85,250,000 after purchasing an additional 2,630,788 shares during the period. Vanguard Group Inc. raised its position in shares of Alignment Healthcare by 1.0% during the first quarter. Vanguard Group Inc. now owns 9,239,472 shares of the company’s stock worth $45,828,000 after acquiring an additional 93,262 shares during the last quarter. Hood River Capital Management LLC raised its position in shares of Alignment Healthcare by 6.4% during the second quarter. Hood River Capital Management LLC now owns 3,106,690 shares of the company’s stock worth $24,294,000 after acquiring an additional 185,854 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in Alignment Healthcare by 94.4% in 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 during the last quarter. Finally, Renaissance Technologies LLC increased its position in 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 during the period. 86.19% of the stock is currently 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.