Short Interest in Align Technology, Inc. (NASDAQ:ALGN) Grows By 31.3%

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) was the recipient of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 3,780,000 shares, an increase of 31.3% from the February 13th total of 2,880,000 shares. Approximately 5.5% of the shares of the stock are short sold. Based on an average trading volume of 864,700 shares, the days-to-cover ratio is currently 4.4 days.

Institutional Trading of Align Technology

Several hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Align Technology during the 4th quarter worth approximately $190,792,000. Wellington Management Group LLP grew its stake in shares of Align Technology by 49.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider's stock worth $670,031,000 after acquiring an additional 866,663 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Align Technology during the 3rd quarter worth approximately $137,287,000. FMR LLC grew its stake in shares of Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock worth $310,736,000 after acquiring an additional 367,508 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in shares of Align Technology by 96.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider's stock worth $171,493,000 after acquiring an additional 330,807 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ALGN. Wells Fargo & Company began coverage on shares of Align Technology in a research note on Friday, February 14th. They issued an "overweight" rating and a $255.00 target price on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research note on Tuesday. Evercore ISI raised their target price on shares of Align Technology from $240.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, February 6th. Leerink Partnrs raised shares of Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology 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 issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Align Technology has an average rating of "Moderate Buy" and a consensus target price of $266.73.

Align Technology Stock Performance

ALGN stock traded up $2.59 during mid-day trading on Thursday, hitting $168.73. 726,301 shares of the company were exchanged, compared to its average volume of 794,371. The firm has a market cap of $12.42 billion, a P/E ratio of 30.08, a P/E/G ratio of 2.24 and a beta of 1.69. The firm's 50 day simple moving average is $200.58 and its 200 day simple moving average is $217.45. Align Technology has a 1-year low of $158.13 and a 1-year high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate 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, equities research analysts predict that Align Technology will post 7.98 EPS 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.