Align Technology, Inc. (NASDAQ:ALGN) Short Interest Up 31.3% in February

Align Technology, Inc. (NASDAQ:ALGN) was the target of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 3,780,000 shares, a growth of 31.3% from the February 13th total of 2,880,000 shares. Approximately 5.5% of the company’s shares are short sold. Based on an average daily volume of 864,700 shares, the short-interest ratio is presently 4.4 days.

Align Technology Stock Up 3.5 %

Shares of Align Technology stock opened at $166.20 on Monday. Align Technology has a twelve month low of $158.13 and a twelve month high of $335.40. The company’s 50 day moving average is $203.61 and its 200 day moving average is $218.78. The company has a market cap of $12.23 billion, a price-to-earnings ratio of 29.63, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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%. Sell-side analysts expect that Align Technology will post 7.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of recent analyst reports. Jefferies Financial Group cut their price objective on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research report on Thursday, January 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Finally, Piper Sandler decreased their price target on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $269.91.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. True Wealth Design LLC grew its position in shares of Align Technology by 10,700.0% during the 3rd 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 during the period. Picton Mahoney Asset Management raised its stake in shares of Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after buying an additional 58 shares during the period. GKV Capital Management Co. Inc. purchased a new position in shares of Align Technology during the 4th quarter valued at about $31,000. Neo Ivy Capital Management purchased a new stake in Align Technology in the 3rd quarter worth approximately $32,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Align Technology during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Company Profile

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.