Align Technology (NASDAQ:ALGN) Sets New 52-Week Low – Here’s What Happened

Align Technology, Inc. (NASDAQ:ALGN)’s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $196.02 and last traded at $197.13, with a volume of 61358 shares traded. The stock had previously closed at $198.06.

Analysts Set New Price Targets

ALGN has been the topic of a number of recent analyst reports. Mizuho assumed coverage on Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective on the stock. Bank of America boosted their price objective on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $235.00 to $280.00 in a report on Monday, January 6th. Finally, Wells Fargo & Company assumed coverage on shares of Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $269.91.

Align Technology Price Performance

The stock has a market capitalization of $14.22 billion, a P/E ratio of 33.94, a price-to-earnings-growth ratio of 2.33 and a beta of 1.67. The company has a 50 day simple moving average of $215.05 and a 200-day simple moving average of $224.29.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. As a group, equities analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Institutional investors have recently added to or reduced their stakes in the company. True Wealth Design LLC raised its holdings in shares of Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 107 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Align Technology in the 3rd quarter worth approximately $32,000. Picton Mahoney Asset Management increased its holdings in shares of Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after acquiring an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. purchased a new stake in Align Technology during the 4th quarter valued at about $31,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Align Technology during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.