Alignment Healthcare (NASDAQ:ALHC) Shares Gap Up Following Analyst Upgrade

Alignment Healthcare, Inc. (NASDAQ:ALHC) gapped up prior to trading on Friday after Stifel Nicolaus raised their price target on the stock from $16.00 to $18.00. The stock had previously closed at $13.47, but opened at $15.06. Stifel Nicolaus currently has a buy rating on the stock. Alignment Healthcare shares last traded at $14.66, with a volume of 283,407 shares changing hands.

A number of other equities research analysts have also issued reports on the stock. William Blair reissued an “outperform” rating on shares of Alignment Healthcare in a report on Friday. Stephens reaffirmed an “overweight” rating and issued a $17.00 target price on shares of Alignment Healthcare in a research report on Monday, February 24th. Finally, Barclays boosted their price objective on Alignment Healthcare from $8.00 to $9.00 and gave the company an “underweight” rating in a report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.25.

Insider Buying and Selling

In related news, insider Hakan Kardes sold 10,500 shares of Alignment Healthcare stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $14.99, for a total value of $157,395.00. Following the completion of the transaction, the insider now owns 309,944 shares in the company, valued at $4,646,060.56. The trade was a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Sebastian Burzacchi sold 8,550 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $11.26, for a total transaction of $96,273.00. Following the transaction, the chief operating officer now owns 217,395 shares of the company’s stock, valued at $2,447,867.70. This trade represents a 3.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 441,002 shares of company stock valued at $5,772,726 in the last three months. 6.60% of the stock is owned by corporate insiders.

Institutional Trading of Alignment Healthcare

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Verition Fund Management LLC increased its holdings in shares of Alignment Healthcare by 85.3% in the 3rd quarter. Verition Fund Management LLC now owns 121,180 shares of the company’s stock valued at $1,432,000 after acquiring an additional 55,771 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Alignment Healthcare by 249.3% in the third quarter. JPMorgan Chase & Co. now owns 288,219 shares of the company’s stock valued at $3,407,000 after purchasing an additional 205,705 shares in the last quarter. Principal Financial Group Inc. increased its stake in Alignment Healthcare by 1,335.1% in the third quarter. Principal Financial Group Inc. now owns 194,043 shares of the company’s stock valued at $2,294,000 after purchasing an additional 180,522 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Alignment Healthcare by 132.2% during the third quarter. The Manufacturers Life Insurance Company now owns 128,933 shares of the company’s stock worth $1,524,000 after purchasing an additional 73,402 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Alignment Healthcare by 144.1% during the 3rd quarter. Barclays PLC now owns 193,446 shares of the company’s stock worth $2,287,000 after buying an additional 114,191 shares during the last quarter. 86.19% of the stock is currently owned by institutional investors and hedge funds.

Alignment Healthcare Stock Up 16.5 %

The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.60 and a current ratio of 1.60. The firm’s 50-day moving average price is $13.50 and its two-hundred day moving average price is $11.97. The firm has a market cap of $3.01 billion, a PE ratio of -20.38 and a beta of 1.50.

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.