Short Interest in Align Technology, Inc. (NASDAQ:ALGN) Expands By 27.4%

Align Technology, Inc. (NASDAQ:ALGN) was the target of a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 2,880,000 shares, an increase of 27.4% from the January 31st total of 2,260,000 shares. Approximately 4.1% of the shares of the company are sold short. Based on an average daily volume of 782,700 shares, the days-to-cover ratio is presently 3.7 days.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Piper Sandler reduced their price objective on Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Finally, Morgan Stanley reduced their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.91.

Institutional Investors Weigh In On Align Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALGN. Empirical Finance LLC grew its position in shares of Align Technology by 2.1% in the third quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock valued at $632,000 after purchasing an additional 50 shares during the period. Covestor Ltd raised its position in shares of Align Technology by 14.6% during the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock worth $87,000 after purchasing an additional 53 shares during the last quarter. Picton Mahoney Asset Management lifted its stake in Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after buying an additional 58 shares in the last quarter. Crestwood Advisors Group LLC boosted its holdings in Align Technology by 6.6% in the 3rd quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock worth $254,000 after buying an additional 62 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in Align Technology by 9.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock worth $158,000 after buying an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 3.0 %

ALGN stock opened at $169.88 on Wednesday. Align Technology has a 52-week low of $167.32 and a 52-week high of $335.40. The firm has a market cap of $12.68 billion, a P/E ratio of 30.28, a PEG ratio of 2.24 and a beta of 1.67. The company’s 50-day simple moving average is $210.43 and its 200-day simple moving average is $222.52.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. On average, analysts anticipate that Align Technology will post 7.98 earnings per share for the current fiscal year.

About Align Technology

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.