Alignment Healthcare (NASDAQ:ALHC) Stock Price Down 9%

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares were down 9% during mid-day trading on Tuesday . The company traded as low as $10.71 and last traded at $10.76. Approximately 320,465 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 951,762 shares. The stock had previously closed at $11.82.

Wall Street Analysts Forecast Growth

ALHC has been the topic of a number of research analyst reports. Robert W. Baird increased their price target on Alignment Healthcare from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Wednesday, August 14th. TD Cowen increased their price objective on shares of Alignment Healthcare from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Barclays raised 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. Piper Sandler reiterated an “overweight” rating and issued a $10.00 price target (up previously from $8.00) on shares of Alignment Healthcare in a research note on Tuesday, August 6th. Finally, Stifel Nicolaus raised their price objective on shares of Alignment Healthcare from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.83.

Alignment Healthcare Stock Down 16.1 %

The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.70. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of -12.42 and a beta of 1.43. The firm’s 50 day simple moving average is $9.65 and its two-hundred day simple moving average is $7.75.

Alignment Healthcare (NASDAQ:ALHC) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.01. The company had revenue of $681.29 million during the quarter, compared to the consensus estimate of $637.66 million. Alignment Healthcare had a negative net margin of 6.85% and a negative return on equity of 101.10%. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.15) earnings per share. On average, equities analysts forecast that Alignment Healthcare, Inc. will post -0.67 EPS for the current year.

Insider Activity

In other news, CFO Robert Thomas Freeman sold 14,500 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $12.00, for a total transaction of $174,000.00. Following the sale, the chief financial officer now directly owns 264,429 shares of the company’s stock, valued at approximately $3,173,148. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Robert Thomas Freeman sold 14,500 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $12.00, for a total transaction of $174,000.00. Following the completion of the sale, the chief financial officer now owns 264,429 shares of the company’s stock, valued at approximately $3,173,148. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Dawn Christine Maroney sold 36,700 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $10.01, for a total transaction of $367,367.00. Following the sale, the insider now owns 1,816,097 shares in the company, valued at approximately $18,179,130.97. The disclosure for this sale can be found here. In the last three months, insiders sold 267,973 shares of company stock worth $2,671,391. 6.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alignment Healthcare

Institutional investors have recently modified their holdings of the business. Virtu Financial LLC bought a new position in Alignment Healthcare in the first quarter valued at about $57,000. Principal Financial Group Inc. bought a new stake in shares of Alignment Healthcare during the 1st quarter valued at approximately $57,000. Mackenzie Financial Corp increased its position in Alignment Healthcare by 110.0% during the 2nd quarter. Mackenzie Financial Corp now owns 36,526 shares of the company’s stock worth $286,000 after purchasing an additional 19,129 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Alignment Healthcare by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 39,570 shares of the company’s stock worth $196,000 after purchasing an additional 3,334 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Alignment Healthcare by 20.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,531 shares of the company’s stock valued at $434,000 after purchasing an additional 9,595 shares during 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.