The Manufacturers Life Insurance Company Purchases 73,402 Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC)

The Manufacturers Life Insurance Company lifted its stake in Alignment Healthcare, Inc. (NASDAQ:ALHC) by 132.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 128,933 shares of the company’s stock after purchasing an additional 73,402 shares during the period. The Manufacturers Life Insurance Company owned 0.07% of Alignment Healthcare worth $1,524,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ALHC. Deerfield Management Company L.P. Series C raised its stake in Alignment Healthcare by 31.8% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company’s stock worth $85,250,000 after buying an additional 2,630,788 shares during the period. Hood River Capital Management LLC raised its stake in Alignment Healthcare by 6.4% during the 2nd quarter. Hood River Capital Management LLC now owns 3,106,690 shares of the company’s stock worth $24,294,000 after buying an additional 185,854 shares during the period. William Blair Investment Management LLC raised its stake in Alignment Healthcare by 94.4% during the 2nd quarter. William Blair Investment Management LLC now owns 3,104,681 shares of the company’s stock worth $24,279,000 after buying an additional 1,507,759 shares during the period. Renaissance Technologies LLC raised its stake in Alignment Healthcare by 16.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,565,800 shares of the company’s stock worth $12,245,000 after buying an additional 225,000 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Alignment Healthcare by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 839,695 shares of the company’s stock worth $9,925,000 after buying an additional 13,865 shares during the period. 86.19% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Alignment Healthcare news, COO Sebastian Burzacchi sold 8,550 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $11.26, for a total transaction of $96,273.00. Following the sale, the chief operating officer now directly owns 217,395 shares of the company’s stock, valued at $2,447,867.70. This represents a 3.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Hakan Kardes sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $11.48, for a total transaction of $287,000.00. Following the sale, the insider now directly owns 380,444 shares in the company, valued at approximately $4,367,497.12. This trade represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 603,046 shares of company stock valued at $7,287,508 in the last three months. 6.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ALHC. UBS Group lifted their price target on Alignment Healthcare from $9.00 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Barclays lifted their price target on Alignment Healthcare from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Wednesday, October 30th. KeyCorp began coverage on Alignment Healthcare in a research note on Friday, October 11th. They issued a “sector weight” rating on the stock. Stephens upgraded Alignment Healthcare from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $13.00 to $17.00 in a report on Tuesday, December 3rd. Finally, Robert W. Baird raised 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $11.44.

Alignment Healthcare Stock Performance

NASDAQ:ALHC opened at $11.61 on Wednesday. The company has a fifty day moving average of $11.92 and a 200-day moving average of $10.00. The firm has a market capitalization of $2.23 billion, a P/E ratio of -14.83 and a beta of 1.42. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. Alignment Healthcare, Inc. has a twelve month low of $4.46 and a twelve month high of $14.25.

Alignment Healthcare (NASDAQ:ALHC) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.14) EPS for the quarter, meeting analysts’ consensus estimates of ($0.14). The business had revenue of $692.43 million during the quarter, compared to analyst estimates of $662.11 million. Alignment Healthcare had a negative net margin of 5.84% and a negative return on equity of 108.69%. Alignment Healthcare’s quarterly revenue was up 51.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.19) EPS. As a group, sell-side analysts anticipate that Alignment Healthcare, Inc. will post -0.69 EPS for the current year.

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.