Align Technology (NASDAQ:ALGN) Hits New 52-Week Low – What’s Next?

Align Technology, Inc. (NASDAQ:ALGN) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $150.80 and last traded at $153.24, with a volume of 389244 shares traded. The stock had previously closed at $163.98.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ALGN. Wells Fargo & Company started coverage on shares of Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price for the company. Piper Sandler restated an “overweight” rating and issued a $235.00 price objective (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Morgan Stanley lowered their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Finally, Jefferies Financial Group dropped their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Align Technology presently has a consensus rating of “Moderate Buy” and an average price target of $262.64.

Align Technology Price Performance

The stock’s 50 day simple moving average is $189.66 and its two-hundred day simple moving average is $213.03. The stock has a market cap of $11.47 billion, a P/E ratio of 27.77, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Public Sector Pension Investment Board raised its holdings in Align Technology by 11.8% during the third quarter. Public Sector Pension Investment Board now owns 2,839 shares of the medical equipment provider’s stock worth $722,000 after acquiring an additional 300 shares in the last quarter. Verition Fund Management LLC lifted its stake in Align Technology by 462.1% in the third quarter. Verition Fund Management LLC now owns 13,450 shares of the medical equipment provider’s stock valued at $3,421,000 after acquiring an additional 11,057 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Align Technology during the 3rd quarter worth about $1,562,000. Benjamin Edwards Inc. raised its stake in Align Technology by 240.4% in the third quarter. Benjamin Edwards Inc. now owns 919 shares of the medical equipment provider’s stock valued at $234,000 after buying an additional 649 shares during the period. Finally, Investment Management Corp of Ontario lifted its holdings in Align Technology by 42.6% during the 3rd quarter. Investment Management Corp of Ontario now owns 2,342 shares of the medical equipment provider’s stock valued at $596,000 after purchasing an additional 700 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.