Alignment Healthcare (NASDAQ:ALHC) Reaches New 12-Month High After Analyst Upgrade

Alignment Healthcare, Inc. (NASDAQ:ALHC)’s stock price reached a new 52-week high during trading on Wednesday after Stifel Nicolaus raised their price target on the stock from $18.00 to $23.00. Stifel Nicolaus currently has a buy rating on the stock. Alignment Healthcare traded as high as $21.06 and last traded at $18.95, with a volume of 9521518 shares traded. The stock had previously closed at $17.82.

A number of other research analysts have also weighed in on ALHC. William Blair restated an “outperform” rating on shares of Alignment Healthcare in a report on Friday, February 28th. Barclays lifted their price objective on shares of Alignment Healthcare from $8.00 to $9.00 and gave the stock an “underweight” rating in a report on Friday, February 28th. Stephens reissued an “overweight” rating and set a $17.00 price target on shares of Alignment Healthcare in a research report on Monday, February 24th. Piper Sandler upped their price objective on shares of Alignment Healthcare from $14.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 4th. Finally, Bank of America lifted their target price on shares of Alignment Healthcare from $15.50 to $18.50 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Alignment Healthcare has an average rating of “Moderate Buy” and an average price target of $15.39.

Insider Buying and Selling

In other Alignment Healthcare news, insider Robert L. Scavo sold 2,864 shares of the business’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $17.89, for a total transaction of $51,236.96. Following the sale, the insider now owns 702,953 shares of the company’s stock, valued at $12,575,829.17. The trade was a 0.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John E. Kao sold 90,000 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $13.06, for a total value of $1,175,400.00. Following the sale, the chief executive officer now owns 2,273,100 shares in the company, valued at approximately $29,686,686. The trade was a 3.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,981,855 shares of company stock valued at $30,590,612. 6.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP grew its position in Alignment Healthcare by 77.9% during the fourth quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company’s stock worth $83,683,000 after buying an additional 3,257,630 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of Alignment Healthcare by 54.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,649,042 shares of the company’s stock worth $97,302,000 after purchasing an additional 3,059,596 shares in the last quarter. Millennium Management LLC increased its position in shares of Alignment Healthcare by 588.3% in the fourth quarter. Millennium Management LLC now owns 3,388,602 shares of the company’s stock worth $38,122,000 after purchasing an additional 2,896,311 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Alignment Healthcare in the 4th quarter worth $20,087,000. Finally, Broad Bay Capital Management LP purchased a new position in Alignment Healthcare in the fourth quarter worth $18,804,000. Institutional investors own 86.19% of the company’s stock.

Alignment Healthcare Trading Down 2.2 %

The stock has a 50 day moving average of $15.96 and a 200 day moving average of $13.47. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.60 and a quick ratio of 1.60. The firm has a market cap of $3.56 billion, a P/E ratio of -24.08 and a beta of 1.32.

About Alignment Healthcare

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.