Alignment Healthcare (NASDAQ:ALHC) Shares Down 3.2% – Here’s What Happened

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares traded down 3.2% on Friday . The company traded as low as $11.04 and last traded at $11.06. 232,846 shares traded hands during trading, a decline of 77% from the average session volume of 1,011,155 shares. The stock had previously closed at $11.43.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. KeyCorp assumed coverage on Alignment Healthcare in a report on Friday, October 11th. They set a “sector weight” rating on the stock. Stifel Nicolaus lifted their price target on Alignment Healthcare from $9.00 to $12.00 and gave the company a “buy” rating in a report on Friday, July 26th. TD Cowen raised their price objective on shares of Alignment Healthcare from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Piper Sandler reiterated an “overweight” rating and set a $10.00 price objective (up previously from $8.00) on shares of Alignment Healthcare in a research note on Tuesday, August 6th. Finally, 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 note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.83.

Alignment Healthcare Stock Performance

The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.70. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of -13.61 and a beta of 1.47. The company’s 50-day simple moving average is $10.23 and its 200-day simple moving average is $8.29.

Alignment Healthcare (NASDAQ:ALHC) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.01. The firm had revenue of $681.29 million for the quarter, compared to analyst estimates of $637.66 million. Alignment Healthcare had a negative net margin of 6.85% and a negative return on equity of 101.10%. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.15) earnings per share. Analysts predict that Alignment Healthcare, Inc. will post -0.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Dawn Christine Maroney sold 7,074 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $9.02, for a total value of $63,807.48. Following the completion of the sale, the insider now owns 1,789,023 shares in the company, valued at $16,136,987.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Alignment Healthcare news, CEO John E. Kao sold 90,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $11.33, for a total value of $1,019,700.00. Following the transaction, the chief executive officer now owns 2,543,100 shares in the company, valued at approximately $28,813,323. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dawn Christine Maroney sold 7,074 shares of Alignment Healthcare stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $9.02, for a total transaction of $63,807.48. Following the sale, the insider now directly owns 1,789,023 shares of the company’s stock, valued at $16,136,987.46. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 314,940 shares of company stock worth $3,487,014. Corporate insiders own 6.60% of the company’s stock.

Institutional Trading of Alignment Healthcare

Hedge funds and other institutional investors have recently modified their holdings of the company. Deerfield Management Company L.P. Series C raised its stake in shares of Alignment Healthcare by 31.8% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company’s stock worth $85,250,000 after purchasing an additional 2,630,788 shares in the last quarter. Vanguard Group Inc. raised its position in Alignment Healthcare by 1.0% during the first quarter. Vanguard Group Inc. now owns 9,239,472 shares of the company’s stock valued at $45,828,000 after acquiring an additional 93,262 shares in the last quarter. Hood River Capital Management LLC lifted its stake in Alignment Healthcare by 6.4% in the second quarter. Hood River Capital Management LLC now owns 3,106,690 shares of the company’s stock valued at $24,294,000 after acquiring an additional 185,854 shares during the last quarter. William Blair Investment Management LLC grew its position in Alignment Healthcare by 94.4% in the second quarter. William Blair Investment Management LLC now owns 3,104,681 shares of the company’s stock worth $24,279,000 after acquiring an additional 1,507,759 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Alignment Healthcare by 16.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,565,800 shares of the company’s stock worth $12,245,000 after purchasing an additional 225,000 shares during the last quarter. 86.19% of the stock is currently owned by hedge funds and other institutional investors.

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.