Alignment Healthcare (NASDAQ:ALHC) Hits New 52-Week High at $10.98

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) hit a new 52-week high during trading on Thursday . The company traded as high as $10.98 and last traded at $10.98, with a volume of 8044 shares traded. The stock had previously closed at $10.75.

Analysts Set New Price Targets

A number of brokerages have commented on ALHC. Barclays upped their target price on shares of Alignment Healthcare from $4.50 to $7.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Stifel Nicolaus lifted their price objective on shares of Alignment Healthcare from $9.00 to $12.00 and gave the company a “buy” rating in a report on Friday, July 26th. Piper Sandler reissued an “overweight” rating and set a $10.00 price objective (up from $8.00) on shares of Alignment Healthcare in a report on Tuesday, August 6th. Baird R W raised shares of Alignment Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. Finally, TD Cowen lifted their price objective on shares of Alignment Healthcare from $8.00 to $10.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $9.83.

Alignment Healthcare Stock Up 2.7 %

The company’s fifty day simple moving average is $9.15 and its 200-day simple moving average is $7.27. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market capitalization of $2.27 billion, a PE ratio of -14.15 and a beta of 1.43.

Alignment Healthcare (NASDAQ:ALHC) last released 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. Alignment Healthcare had a negative net margin of 6.85% and a negative return on equity of 101.10%. The business had revenue of $681.29 million for the quarter, compared to analyst estimates of $637.66 million. During the same period in the previous year, the company earned ($0.15) earnings per share. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, analysts forecast that Alignment Healthcare, Inc. will post -0.67 EPS for the current year.

Insider Activity

In other news, insider Dawn Christine Maroney sold 7,074 shares of the business’s 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Robert Thomas Freeman sold 38,858 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $10.01, for a total transaction of $388,968.58. Following the sale, the chief financial officer now directly owns 414,429 shares of the company’s stock, valued at $4,148,434.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dawn Christine Maroney sold 7,074 shares of the business’s 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 transaction, the insider now owns 1,789,023 shares of the company’s stock, valued at $16,136,987.46. The disclosure for this sale can be found here. Insiders have sold 268,639 shares of company stock valued at $2,676,719 over the last ninety days. 6.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Deerfield Management Company L.P. Series C lifted its position in Alignment Healthcare by 31.8% during the second quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company’s stock valued at $85,250,000 after purchasing an additional 2,630,788 shares during the period. Vanguard Group Inc. lifted 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 purchasing an additional 93,262 shares during the period. Hood River Capital Management LLC lifted its position in Alignment Healthcare by 6.4% during 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 purchasing an additional 185,854 shares during the period. William Blair Investment Management LLC lifted its position in Alignment Healthcare by 94.4% during the second quarter. William Blair Investment Management LLC now owns 3,104,681 shares of the company’s stock valued at $24,279,000 after purchasing an additional 1,507,759 shares during the period. Finally, Renaissance Technologies LLC lifted its position in Alignment Healthcare by 16.8% during the second quarter. Renaissance Technologies LLC now owns 1,565,800 shares of the company’s stock valued at $12,245,000 after purchasing an additional 225,000 shares during the period. 86.19% of the stock is currently owned by institutional investors and hedge funds.

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.