Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down to $10.00

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares gapped down prior to trading on Wednesday . The stock had previously closed at $10.00, but opened at $9.53. Alignment Healthcare shares last traded at $9.46, with a volume of 872,381 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Robert W. Baird boosted their price target on Alignment Healthcare from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Wednesday, August 14th. Stifel Nicolaus upped their price target on Alignment Healthcare from $9.00 to $12.00 and gave the company a “buy” rating in a report on Friday, July 26th. TD Cowen increased their target price on shares of Alignment Healthcare from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Barclays upped their price objective on Alignment Healthcare from $4.50 to $7.00 and gave the stock an “underweight” rating in a report on Monday, August 5th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $10.00 target price (up previously from $8.00) on shares of Alignment Healthcare in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $9.83.

Alignment Healthcare Stock Performance

The stock has a fifty day moving average price of $9.66 and a 200-day moving average price of $7.79. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -11.90 and a beta of 1.43. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.70.

Alignment Healthcare (NASDAQ:ALHC) last announced its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.01. The firm 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 revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.15) EPS. On average, analysts expect that Alignment Healthcare, Inc. will post -0.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Robert Thomas Freeman sold 22,100 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $10.00, for a total transaction of $221,000.00. Following the sale, the chief financial officer now owns 497,329 shares in the company, valued at $4,973,290. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Alignment Healthcare news, Chairman Joseph S. Konowiecki sold 22,400 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $9.06, for a total value of $202,944.00. Following the completion of the sale, the chairman now owns 1,233,221 shares in the company, valued at approximately $11,172,982.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Robert Thomas Freeman sold 22,100 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $10.00, for a total transaction of $221,000.00. Following the transaction, the chief financial officer now owns 497,329 shares in the company, valued at approximately $4,973,290. The disclosure for this sale can be found here. Insiders have sold 267,973 shares of company stock valued at $2,671,391 in the last quarter. Company insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Alignment Healthcare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new position in Alignment Healthcare in the first quarter worth $57,000. Principal Financial Group Inc. acquired a new stake in Alignment Healthcare during the 1st quarter worth approximately $57,000. Mackenzie Financial Corp boosted its stake in Alignment Healthcare by 110.0% in 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 during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Alignment Healthcare by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 39,570 shares of the company’s stock valued at $196,000 after purchasing an additional 3,334 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Alignment Healthcare by 20.9% in the second quarter. The Manufacturers Life Insurance Company now owns 55,531 shares of the company’s stock valued at $434,000 after acquiring an additional 9,595 shares during the last quarter. 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.