Alignment Healthcare (NASDAQ:ALHC) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) saw an uptick in trading volume on Thursday after Barclays raised their price target on the stock from $7.00 to $8.00. Barclays currently has an underweight rating on the stock. 632,003 shares were traded during trading, a decline of 38% from the previous session’s volume of 1,019,669 shares.The stock last traded at $11.75 and had previously closed at $11.73.

ALHC has been the subject of a number of other reports. Robert W. Baird raised their price objective on shares of Alignment Healthcare from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. KeyCorp assumed coverage on shares of Alignment Healthcare in a research report on Friday, October 11th. They set a “sector weight” rating for the company. Piper Sandler reiterated an “overweight” rating and issued a $10.00 price objective (up previously from $8.00) on shares of Alignment Healthcare in a research report on Tuesday, August 6th. UBS Group lifted their price target on Alignment Healthcare from $9.00 to $12.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Stifel Nicolaus upped their target price on shares of Alignment Healthcare from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $10.33.

Insider Transactions at Alignment Healthcare

In related news, insider Dawn Christine Maroney sold 7,074 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $9.02, for a total transaction of $63,807.48. Following the completion of the sale, the insider now directly owns 1,789,023 shares in the company, valued at $16,136,987.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Dawn Christine Maroney sold 7,074 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $9.02, for a total transaction of $63,807.48. Following the transaction, the insider now directly owns 1,789,023 shares of the company’s stock, valued at approximately $16,136,987.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Robert Thomas Freeman sold 8,561 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $10.01, for a total value of $85,695.61. Following the transaction, the chief financial officer now directly owns 399,429 shares in the company, valued at $3,998,284.29. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 314,940 shares of company stock valued at $3,487,014. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

Institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its holdings in Alignment Healthcare by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 39,570 shares of the company’s stock valued at $196,000 after acquiring an additional 3,334 shares during the last quarter. Principal Financial Group Inc. acquired a new position in Alignment Healthcare during the first quarter worth $57,000. Blue Trust Inc. grew its holdings in Alignment Healthcare by 47.4% in the 1st quarter. Blue Trust Inc. now owns 256,452 shares of the company’s stock valued at $1,272,000 after buying an additional 82,476 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Alignment Healthcare by 1.0% in the 1st 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. Finally, Hood River Capital Management LLC boosted its position in shares of 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 acquiring an additional 968,637 shares during the last quarter. Hedge funds and other institutional investors own 86.19% of the company’s stock.

Alignment Healthcare Price Performance

The company has a debt-to-equity ratio of 1.70, a current ratio of 1.61 and a quick ratio of 1.61. The stock’s fifty day moving average is $10.67 and its 200-day moving average is $8.71. The stock has a market cap of $2.23 billion, a PE ratio of -15.23 and a beta of 1.47.

Alignment Healthcare (NASDAQ:ALHC) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.14) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.14). Alignment Healthcare had a negative net margin of 6.85% and a negative return on equity of 101.10%. The business had revenue of $692.43 million during the quarter, compared to the consensus estimate of $662.11 million. During the same quarter last year, the firm earned ($0.19) EPS. The business’s revenue was up 51.6% compared to the same quarter last year. As a group, equities analysts anticipate that Alignment Healthcare, Inc. will post -0.67 EPS for the current year.

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.