Renaissance Technologies LLC Raises Position in Alignment Healthcare, Inc. (NASDAQ:ALHC)

Renaissance Technologies LLC lifted its stake in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) by 16.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,565,800 shares of the company’s stock after buying an additional 225,000 shares during the quarter. Renaissance Technologies LLC owned 0.82% of Alignment Healthcare worth $12,245,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ALHC. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Alignment Healthcare during the first quarter valued at approximately $918,000. Vanguard Group Inc. grew its holdings in Alignment Healthcare by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 9,239,472 shares of the company’s stock valued at $45,828,000 after purchasing an additional 93,262 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Alignment Healthcare by 27.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 382,462 shares of the company’s stock worth $2,991,000 after buying an additional 82,559 shares during the period. Aigen Investment Management LP lifted its holdings in Alignment Healthcare by 18.5% in the 4th quarter. Aigen Investment Management LP now owns 19,764 shares of the company’s stock worth $170,000 after buying an additional 3,092 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Alignment Healthcare by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 751,309 shares of the company’s stock valued at $6,469,000 after buying an additional 10,123 shares during the last quarter. 86.19% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Alignment Healthcare news, insider Christopher J. Joyce sold 15,034 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $9.05, for a total value of $136,057.70. Following the completion of the sale, the insider now directly owns 406,912 shares in the company, valued at $3,682,553.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Dawn Christine Maroney sold 23,163 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $10.00, for a total value of $231,630.00. Following the sale, the insider now directly owns 1,892,934 shares in the company, valued at approximately $18,929,340. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher J. Joyce sold 15,034 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $9.05, for a total transaction of $136,057.70. Following the sale, the insider now owns 406,912 shares of the company’s stock, valued at $3,682,553.60. The disclosure for this sale can be found here. Insiders sold 268,639 shares of company stock worth $2,676,719 over the last three months. Corporate insiders own 6.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ALHC shares. Barclays lifted their target price on Alignment Healthcare from $4.50 to $7.00 and gave the stock an “underweight” rating in a research report on Monday, August 5th. Bank of America upgraded shares of Alignment Healthcare from a “neutral” rating to a “buy” rating and increased their price objective for the company from $7.75 to $11.00 in a research note on Thursday, May 30th. TD Cowen raised their price objective on shares of Alignment Healthcare from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Robert W. Baird upped their price target on Alignment Healthcare from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. Finally, Baird R W raised Alignment Healthcare to a “strong-buy” rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.83.

Alignment Healthcare Stock Up 0.4 %

Shares of Alignment Healthcare stock opened at $11.43 on Monday. Alignment Healthcare, Inc. has a 1-year low of $4.46 and a 1-year high of $12.36. The company has a market capitalization of $2.19 billion, a P/E ratio of -13.61 and a beta of 1.43. The business’s fifty day moving average price is $9.47 and its two-hundred day moving average price is $7.48. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.61 and a quick ratio of 1.61.

Alignment Healthcare (NASDAQ:ALHC) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.01. The business had revenue of $681.29 million during the quarter, compared to the consensus estimate of $637.66 million. Alignment Healthcare had a negative net margin of 6.85% and a negative return on equity of 101.10%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.15) earnings per share. As a group, research analysts forecast that Alignment Healthcare, Inc. will post -0.67 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.