Alignment Healthcare, Inc. (NASDAQ:ALHC) Stake Boosted by State Street Corp

State Street Corp lifted its stake in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) by 0.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,252,287 shares of the company’s stock after purchasing an additional 20,731 shares during the quarter. State Street Corp owned about 1.17% of Alignment Healthcare worth $26,622,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. nVerses Capital LLC acquired a new stake in Alignment Healthcare in the third quarter worth $95,000. Principal Financial Group Inc. grew its position in shares of Alignment Healthcare by 18.1% during the second quarter. Principal Financial Group Inc. now owns 13,521 shares of the company’s stock worth $106,000 after acquiring an additional 2,077 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Alignment Healthcare during the third quarter worth about $131,000. Creative Planning increased its holdings in shares of Alignment Healthcare by 20.0% in the 3rd quarter. Creative Planning now owns 12,442 shares of the company’s stock worth $147,000 after acquiring an additional 2,072 shares during the period. Finally, Mackenzie Financial Corp lifted its position in Alignment Healthcare by 110.0% in the 2nd quarter. Mackenzie Financial Corp now owns 36,526 shares of the company’s stock valued at $286,000 after purchasing an additional 19,129 shares during the last quarter. Institutional investors own 86.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. UBS Group upped their target price on shares of Alignment Healthcare from $9.00 to $12.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Barclays raised their target price on Alignment Healthcare from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Wednesday, October 30th. KeyCorp initiated coverage on Alignment Healthcare in a research report on Friday, October 11th. They set a “sector weight” rating for the company. Finally, Stephens raised Alignment Healthcare from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $13.00 to $17.00 in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Alignment Healthcare presently has an average rating of “Moderate Buy” and an average target price of $11.44.

Alignment Healthcare Price Performance

Shares of NASDAQ ALHC opened at $10.61 on Monday. Alignment Healthcare, Inc. has a twelve month low of $4.46 and a twelve month high of $14.25. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82. The firm has a 50-day moving average of $11.92 and a two-hundred day moving average of $10.21. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of -13.78 and a beta of 1.42.

Alignment Healthcare (NASDAQ:ALHC) last issued its earnings results on Tuesday, October 29th. The company reported ($0.14) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.14). The firm had revenue of $692.43 million during the quarter, compared to analysts’ expectations of $662.11 million. Alignment Healthcare had a negative net margin of 5.84% and a negative return on equity of 108.69%. The firm’s revenue for the quarter was up 51.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.19) earnings per share. As a group, analysts expect that Alignment Healthcare, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Sebastian Burzacchi sold 8,550 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $11.26, for a total value of $96,273.00. Following the completion of the sale, the chief operating officer now owns 217,395 shares in the company, valued at approximately $2,447,867.70. This represents a 3.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert Thomas Freeman sold 21,375 shares of Alignment Healthcare stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $10.66, for a total transaction of $227,857.50. Following the transaction, the chief financial officer now owns 243,054 shares in the company, valued at approximately $2,590,955.64. The trade was a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 653,546 shares of company stock worth $7,875,008 in the last three months. 6.60% of the stock is currently owned by insiders.

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.