Short Interest in Alignment Healthcare, Inc. (NASDAQ:ALHC) Declines By 13.2%

Alignment Healthcare, Inc. (NASDAQ:ALHC) saw a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 7,050,000 shares, a decline of 13.2% from the February 13th total of 8,120,000 shares. Currently, 6.7% of the shares of the company are sold short. Based on an average daily trading volume, of 1,930,000 shares, the short-interest ratio is presently 3.7 days.

Analyst Ratings Changes

ALHC has been the subject of several recent analyst reports. Stifel Nicolaus raised their target price on shares of Alignment Healthcare from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Piper Sandler raised their price objective on shares of Alignment Healthcare from $14.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 4th. Stephens reiterated an “overweight” rating and set a $17.00 price objective on shares of Alignment Healthcare in a research report on Monday, February 24th. JPMorgan Chase & Co. increased their target price on Alignment Healthcare from $14.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, March 6th. Finally, Barclays raised their price objective on Alignment Healthcare from $8.00 to $9.00 and gave the stock an “underweight” rating in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.83.

Insider Activity

In other news, COO Sebastian Burzacchi sold 6,694 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $16.40, for a total value of $109,781.60. Following the completion of the sale, the chief operating officer now directly owns 250,378 shares of the company’s stock, valued at approximately $4,106,199.20. This represents a 2.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John E. Kao sold 554,713 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $15.53, for a total transaction of $8,614,692.89. Following the completion of the transaction, the chief executive officer now owns 4,733,664 shares of the company’s stock, valued at $73,513,801.92. This trade represents a 10.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,901,665 shares of company stock valued at $29,141,513. Insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

Several large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its position in shares of Alignment Healthcare by 1,335.1% during the third quarter. Principal Financial Group Inc. now owns 194,043 shares of the company’s stock valued at $2,294,000 after buying an additional 180,522 shares during the last quarter. Royce & Associates LP bought a new position in Alignment Healthcare during the third quarter valued at about $3,782,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Alignment Healthcare during the third quarter valued at about $131,000. Intech Investment Management LLC acquired a new position in Alignment Healthcare in the 3rd quarter valued at approximately $315,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Alignment Healthcare by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 839,695 shares of the company’s stock worth $9,925,000 after acquiring an additional 13,865 shares during the period. 86.19% of the stock is currently owned by institutional investors and hedge funds.

Alignment Healthcare Stock Up 2.7 %

ALHC opened at $17.19 on Thursday. The business has a 50 day moving average of $14.68 and a 200-day moving average of $12.59. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of -22.32 and a beta of 1.49. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82. Alignment Healthcare has a 1-year low of $4.46 and a 1-year high of $17.27.

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.