Alignment Healthcare (NASDAQ:ALHC) Stock Price Up 3% – Here’s What Happened

Alignment Healthcare, Inc. (NASDAQ:ALHC)’s share price shot up 3% during trading on Tuesday . The stock traded as high as $16.43 and last traded at $16.57. 520,448 shares were traded during mid-day trading, a decline of 63% from the average session volume of 1,399,858 shares. The stock had previously closed at $16.09.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ALHC shares. Stephens reiterated an “overweight” rating and set a $17.00 target price on shares of Alignment Healthcare in a research report on Monday, February 24th. Barclays boosted their target price on Alignment Healthcare from $8.00 to $9.00 and gave the stock an “underweight” rating in a report on Friday, February 28th. Piper Sandler lifted their price target on shares of Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, March 4th. Stifel Nicolaus lifted their price target on shares of Alignment Healthcare from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Alignment Healthcare from $14.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, March 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Alignment Healthcare presently has an average rating of “Moderate Buy” and a consensus price target of $14.83.

Alignment Healthcare Stock Up 5.2 %

The business has a 50-day moving average price of $14.48 and a two-hundred day moving average price of $12.51. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. The firm has a market cap of $3.25 billion, a PE ratio of -21.81 and a beta of 1.49.

Insider Transactions at Alignment Healthcare

In other news, CEO John E. Kao sold 554,713 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $15.53, for a total transaction of $8,614,692.89. Following the sale, the chief executive officer now owns 4,733,664 shares of the company’s stock, valued at approximately $73,513,801.92. This represents a 10.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Dawn Christine Maroney sold 278,917 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $15.53, for a total transaction of $4,331,581.01. Following the transaction, the president now owns 2,303,975 shares of the company’s stock, valued at approximately $35,780,731.75. The trade was a 10.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,829,454 shares of company stock valued at $27,936,991. 6.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alignment Healthcare

A number of institutional investors and hedge funds have recently modified their holdings of ALHC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Alignment Healthcare by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,963 shares of the company’s stock valued at $641,000 after acquiring an additional 2,154 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Alignment Healthcare by 2.2% in the fourth quarter. Rhumbline Advisers now owns 135,704 shares of the company’s stock valued at $1,527,000 after buying an additional 2,937 shares during the last quarter. MetLife Investment Management LLC raised its holdings in Alignment Healthcare by 5.6% during the fourth quarter. MetLife Investment Management LLC now owns 61,344 shares of the company’s stock worth $690,000 after purchasing an additional 3,256 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Alignment Healthcare by 2.8% during the fourth quarter. Alliancebernstein L.P. now owns 119,440 shares of the company’s stock worth $1,344,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its holdings in Alignment Healthcare by 15.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 34,497 shares of the company’s stock worth $388,000 after purchasing an additional 4,497 shares in the last quarter. Institutional investors and hedge funds own 86.19% of the company’s stock.

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.