Short Interest in Alignment Healthcare, Inc. (NASDAQ:ALHC) Declines By 13.2%

Alignment Healthcare, Inc. (NASDAQ:ALHC) was the recipient of a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 7,050,000 shares, a drop of 13.2% from the February 13th total of 8,120,000 shares. Currently, 6.7% of the shares of the stock are sold short. Based on an average daily volume of 1,930,000 shares, the short-interest ratio is currently 3.7 days.

Alignment Healthcare Price Performance

Shares of ALHC opened at $17.19 on Thursday. The company has a 50 day moving average of $14.68 and a 200-day moving average of $12.59. 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 stock has a market capitalization of $3.30 billion, a P/E ratio of -22.32 and a beta of 1.49. Alignment Healthcare has a twelve month low of $4.46 and a twelve month high of $17.27.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Stephens reaffirmed an “overweight” rating and set a $17.00 price objective on shares of Alignment Healthcare in a research note on Monday, February 24th. JPMorgan Chase & Co. boosted their target price on Alignment Healthcare from $14.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, March 6th. Stifel Nicolaus upped their price target on Alignment Healthcare from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Bank of America lifted their price objective on shares of Alignment Healthcare from $15.50 to $18.50 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Finally, William Blair reaffirmed an “outperform” rating on shares of Alignment Healthcare in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Alignment Healthcare currently has an average rating of “Moderate Buy” and a consensus target price of $14.83.

Insider Activity at Alignment Healthcare

In other news, CEO John E. Kao sold 90,000 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $13.06, for a total transaction of $1,175,400.00. Following the sale, the chief executive officer now directly owns 2,273,100 shares of the company’s stock, valued at $29,686,686. This represents a 3.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Dawn Christine Maroney sold 30,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $13.61, for a total value of $408,300.00. Following the transaction, the president now directly owns 1,606,097 shares in the company, valued at approximately $21,858,980.17. This represents a 1.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,901,665 shares of company stock valued at $29,141,513 in the last ninety days. Insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

A number of institutional investors have recently added to or reduced their stakes in ALHC. Wellington Management Group LLP grew its position in shares of Alignment Healthcare by 77.9% in the 4th quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company’s stock valued at $83,683,000 after acquiring an additional 3,257,630 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in 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 during the period. Millennium Management LLC increased its position in Alignment Healthcare by 588.3% during the fourth quarter. Millennium Management LLC now owns 3,388,602 shares of the company’s stock worth $38,122,000 after buying an additional 2,896,311 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Alignment Healthcare in the fourth quarter valued at approximately $20,087,000. Finally, Broad Bay Capital Management LP acquired a new stake in shares of Alignment Healthcare in the fourth quarter valued at approximately $18,804,000. 86.19% of the stock is currently owned by institutional investors and hedge funds.

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.