Short Interest in Align Technology, Inc. (NASDAQ:ALGN) Declines By 19.6%

Align Technology, Inc. (NASDAQ:ALGN) was the target of a large drop in short interest in the month of January. As of January 15th, there was short interest totaling 1,903,368 shares, a drop of 19.6% from the December 31st total of 2,367,827 shares. Approximately 2.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 908,792 shares, the days-to-cover ratio is currently 2.1 days. Based on an average daily trading volume, of 908,792 shares, the days-to-cover ratio is currently 2.1 days. Approximately 2.7% of the shares of the stock are short sold.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $163.03 on Monday. The company has a 50 day moving average price of $161.01 and a two-hundred day moving average price of $148.94. The company has a market capitalization of $11.70 billion, a PE ratio of 31.60, a PEG ratio of 1.83 and a beta of 1.84. Align Technology has a 52 week low of $122.00 and a 52 week high of $232.20.

Hedge Funds Weigh In On Align Technology

Hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC lifted its stake in Align Technology by 38.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider’s stock valued at $2,029,000 after buying an additional 4,359 shares during the last quarter. Hussman Strategic Advisors Inc. acquired a new position in shares of Align Technology during the third quarter valued at $3,156,000. QRG Capital Management Inc. bought a new position in shares of Align Technology during the second quarter worth about $306,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Align Technology in the 3rd quarter worth about $1,327,000. Finally, Nordea Investment Management AB lifted its position in Align Technology by 20.7% in the 3rd quarter. Nordea Investment Management AB now owns 770,360 shares of the medical equipment provider’s stock valued at $95,178,000 after purchasing an additional 132,019 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ALGN. Weiss Ratings upgraded shares of Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, January 16th. Stifel Nicolaus set a $200.00 price objective on Align Technology in a research report on Thursday, October 30th. Morgan Stanley increased their target price on Align Technology from $142.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, October 30th. Mizuho lifted their price target on Align Technology from $170.00 to $200.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Finally, Leerink Partners upped their price target on shares of Align Technology from $189.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, January 22nd. Six research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $176.82.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.