Alignment Healthcare (NASDAQ:ALHC) Stock Price Up 4% – Here’s What Happened

Alignment Healthcare, Inc. (NASDAQ:ALHC) traded up 4% during mid-day trading on Wednesday. The company traded as high as $8.70 and last traded at $8.7050. Approximately 1,171,504 shares were traded during trading, a decline of 78% from the average daily volume of 5,429,924 shares. The stock had previously closed at $8.37.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ALHC shares. Raymond James Financial cut Alignment Healthcare from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $22.00 to $19.00 in a research note on Monday, August 3rd. JPMorgan Chase & Co. decreased their price target on Alignment Healthcare from $26.00 to $22.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. KeyCorp reiterated an “overweight” rating on shares of Alignment Healthcare in a report on Wednesday, June 10th. TD Cowen reissued a “buy” rating on shares of Alignment Healthcare in a research report on Wednesday, September 16th. Finally, Barclays decreased their target price on shares of Alignment Healthcare from $16.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Seven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Alignment Healthcare currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Alignment Healthcare Stock Performance

The stock has a market capitalization of $1.80 billion, a PE ratio of 45.56 and a beta of 1.14. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 1.22. The stock has a fifty day moving average of $12.03 and a 200-day moving average of $16.82.

Alignment Healthcare (NASDAQ:ALHC) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.13 by $0.04. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Alignment Healthcare had a net margin of 0.89% and a return on equity of 20.02%. The firm’s revenue was up 31.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.07 EPS. Equities analysts anticipate that Alignment Healthcare, Inc. will post 0.17 earnings per share for the current fiscal year.

Insider Activity at Alignment Healthcare

In related news, EVP Joseph S. Konowiecki sold 23,511 shares of the firm’s stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $8.61, for a total transaction of $202,429.71. Following the transaction, the executive vice president owned 1,080,305 shares of the company’s stock, valued at $9,301,426.05. This trade represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John E. Kao sold 27,400 shares of Alignment Healthcare stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $13.00, for a total value of $356,200.00. Following the completion of the transaction, the chief executive officer owned 590,766 shares in the company, valued at $7,679,958. This trade represents a 4.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,327,488 shares of company stock valued at $19,291,194 in the last three months. 5.20% of the stock is currently owned by company insiders.

Institutional Trading of Alignment Healthcare

A number of institutional investors have recently modified their holdings of ALHC. WINTON GROUP Ltd purchased a new stake in Alignment Healthcare during the 2nd quarter worth about $1,164,000. Arizona State Retirement System lifted its holdings in Alignment Healthcare by 15.8% in the 2nd quarter. Arizona State Retirement System now owns 53,553 shares of the company’s stock valued at $1,275,000 after purchasing an additional 7,318 shares in the last quarter. Nykredit A S purchased a new position in Alignment Healthcare in the 2nd quarter valued at about $36,000. Corient Private Wealth LP boosted its stake in shares of Alignment Healthcare by 128.2% during the 2nd quarter. Corient Private Wealth LP now owns 136,505 shares of the company’s stock worth $3,250,000 after purchasing an additional 76,677 shares during the last quarter. Finally, HighTower Advisors LLC acquired a new stake in shares of Alignment Healthcare during the 2nd quarter worth about $755,000. 86.19% of the stock is currently owned by hedge funds and other institutional investors.

About Alignment Healthcare

Alignment Healthcare, Inc is a technology-enabled Medicare Advantage company focused on providing health coverage and care services for older adults. The company offers Medicare Advantage plans that combine medical benefits with care coordination, wellness support, and other services designed to help members manage their health.

Alignment operates through an integrated healthcare model that uses its proprietary technology platform to support physicians, care teams, and members. Its services include personalized care management, clinical coordination, virtual and in-home support, and member assistance through its concierge-style approach.