Alignment Healthcare (NASDAQ:ALHC) Trading Down 4.5% – Here’s What Happened

Alignment Healthcare, Inc. (NASDAQ:ALHC)’s share price dropped 4.5% on Wednesday . The stock traded as low as $11.12 and last traded at $11.19. Approximately 634,217 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 1,017,845 shares. The stock had previously closed at $11.72.

Wall Street Analysts Forecast Growth

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

Alignment Healthcare Price Performance

The company has a 50-day moving average of $9.87 and a two-hundred day moving average of $8.01. The stock has a market capitalization of $2.17 billion, a PE ratio of -13.12 and a beta of 1.47. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.61 and a quick ratio of 1.61.

Alignment Healthcare (NASDAQ:ALHC) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.01. The company had revenue of $681.29 million for the quarter, compared to the consensus estimate of $637.66 million. Alignment Healthcare had a negative return on equity of 101.10% and a negative net margin of 6.85%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period last year, the business posted ($0.15) EPS. Sell-side analysts predict that Alignment Healthcare, Inc. will post -0.67 EPS for the current fiscal year.

Insider Activity

In other Alignment Healthcare news, CFO Robert Thomas Freeman sold 21,375 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $10.66, for a total transaction of $227,857.50. Following the completion of the sale, the chief financial officer now owns 243,054 shares in the company, valued at $2,590,955.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Robert Thomas Freeman sold 21,375 shares of Alignment Healthcare stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $10.66, for a total value of $227,857.50. Following the completion of the transaction, the chief financial officer now owns 243,054 shares in the company, valued at approximately $2,590,955.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Joseph S. Konowiecki sold 22,400 shares of Alignment Healthcare stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $9.06, for a total value of $202,944.00. Following the completion of the transaction, the chairman now owns 1,233,221 shares of the company’s stock, valued at approximately $11,172,982.26. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 290,015 shares of company stock worth $2,907,113. 6.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Alignment Healthcare

Several hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its holdings in shares of Alignment Healthcare by 18.1% in the 2nd quarter. Principal Financial Group Inc. now owns 13,521 shares of the company’s stock worth $106,000 after purchasing an additional 2,077 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Alignment Healthcare by 9.2% in 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 during the last quarter. The Manufacturers Life Insurance Company raised its stake in Alignment Healthcare by 20.9% during the 2nd 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 in the last quarter. Virtu Financial LLC bought a new stake in Alignment Healthcare during the 1st quarter valued at $57,000. Finally, Rhumbline Advisers raised its stake in Alignment Healthcare by 13.3% during the 2nd quarter. Rhumbline Advisers now owns 137,296 shares of the company’s stock valued at $1,074,000 after acquiring an additional 16,083 shares in the last quarter. Institutional investors 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.