Alignment Healthcare (NASDAQ:ALHC) Shares Gap Up on Analyst Upgrade

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) gapped up prior to trading on Tuesday after Stifel Nicolaus raised their price target on the stock from $18.00 to $23.00. The stock had previously closed at $17.82, but opened at $19.73. Stifel Nicolaus currently has a buy rating on the stock. Alignment Healthcare shares last traded at $20.59, with a volume of 760,612 shares trading hands.

A number of other research analysts also recently issued reports on ALHC. Piper Sandler upped their price objective on Alignment Healthcare from $14.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 4th. JPMorgan Chase & Co. increased their price target on shares of Alignment Healthcare from $14.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, March 6th. Barclays raised their price target on shares of Alignment Healthcare from $8.00 to $9.00 and gave the company an “underweight” rating in a research report on Friday, February 28th. Bank of America upped their price objective 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. Finally, William Blair restated an “outperform” rating on shares of Alignment Healthcare in a research report on Friday, February 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.39.

Insider Buying and Selling

In other Alignment Healthcare news, President Dawn Christine Maroney sold 30,000 shares of Alignment Healthcare stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $13.61, for a total transaction of $408,300.00. Following the sale, the president now owns 1,606,097 shares of the company’s stock, valued at $21,858,980.17. The trade was a 1.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO John E. Kao sold 554,713 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $15.53, for a total transaction of $8,614,692.89. Following the completion of the sale, the chief executive officer now owns 4,733,664 shares of the company’s stock, valued at $73,513,801.92. This trade represents a 10.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,981,855 shares of company stock worth $30,590,612. Insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position in shares of Alignment Healthcare by 77.9% during the 4th quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company’s stock worth $83,683,000 after purchasing an additional 3,257,630 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in Alignment Healthcare by 54.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,649,042 shares of the company’s stock valued at $97,302,000 after purchasing an additional 3,059,596 shares during the period. Millennium Management LLC increased its holdings in Alignment Healthcare by 588.3% during the 4th 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 period. Point72 Asset Management L.P. acquired a new stake in Alignment Healthcare in the 4th quarter valued at about $20,087,000. Finally, Broad Bay Capital Management LP purchased a new stake in shares of Alignment Healthcare during the fourth quarter worth approximately $18,804,000. Institutional investors and hedge funds own 86.19% of the company’s stock.

Alignment Healthcare Trading Down 2.2 %

The company’s fifty day moving average is $15.96 and its two-hundred day moving average is $13.47. 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 cap of $3.56 billion, a price-to-earnings 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.