Alignment Healthcare (NASDAQ:ALHC) Reaches New 1-Year High – Here’s What Happened

Alignment Healthcare, Inc. (NASDAQ:ALHC)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $18.48 and last traded at $18.40, with a volume of 885273 shares trading hands. The stock had previously closed at $18.30.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. William Blair reaffirmed an “outperform” rating on shares of Alignment Healthcare in a research report on Friday, February 28th. Bank of America boosted their price target on shares of Alignment Healthcare from $15.50 to $18.50 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Barclays raised their price objective on Alignment Healthcare from $8.00 to $9.00 and gave the company an “underweight” rating in a report on Friday, February 28th. Piper Sandler increased their price target on Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, March 4th. Finally, Stifel Nicolaus upped their price objective on Alignment Healthcare from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $14.83.

Alignment Healthcare Price 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 stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of -24.39 and a beta of 1.49. The company has a fifty day simple moving average of $15.28 and a 200 day simple moving average of $13.01.

Insider Activity at Alignment Healthcare

In related news, CEO John E. Kao sold 90,000 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $13.06, for a total transaction of $1,175,400.00. Following the transaction, the chief executive officer now owns 2,273,100 shares in the company, valued at $29,686,686. The trade was a 3.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert L. Scavo sold 2,864 shares of the firm’s stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $17.89, for a total transaction of $51,236.96. Following the completion of the sale, the insider now owns 702,953 shares of the company’s stock, valued at $12,575,829.17. The trade was a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,956,855 shares of company stock worth $30,128,862 over the last quarter. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

Several institutional investors have recently made changes to their positions in ALHC. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Alignment Healthcare during the 3rd quarter worth approximately $131,000. Intech Investment Management LLC acquired a new position in shares of Alignment Healthcare during the third quarter worth approximately $315,000. Charles Schwab Investment Management Inc. grew its position in Alignment Healthcare by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 839,695 shares of the company’s stock valued at $9,925,000 after purchasing an additional 13,865 shares during the period. The Manufacturers Life Insurance Company lifted its position in Alignment Healthcare by 132.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 128,933 shares of the company’s stock valued at $1,524,000 after acquiring an additional 73,402 shares in the last quarter. Finally, Walleye Capital LLC lifted its holdings in shares of Alignment Healthcare by 142.2% in the third quarter. Walleye Capital LLC now owns 178,110 shares of the company’s stock valued at $2,105,000 after purchasing an additional 104,565 shares in the last quarter. Institutional investors and hedge funds 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.