Align Technology, Inc. (NASDAQ:ALGN) Sees Large Increase in Short Interest

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 2,660,000 shares, an increase of 5.1% from the November 30th total of 2,530,000 shares. Currently, 3.8% of the shares of the company are short sold. Based on an average daily volume of 795,000 shares, the short-interest ratio is presently 3.3 days.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ALGN. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Monday, November 4th. Robert W. Baird reduced their price target on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th. Bank of America lifted their price objective on Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a report on Friday, December 13th. Stifel Nicolaus dropped their price target on Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a research note on Thursday, October 24th. Finally, Mizuho started coverage on shares of Align Technology in a research note on Wednesday, December 4th. They set an "outperform" rating and a $295.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $271.20.

Hedge Funds Weigh In On Align Technology

A number of hedge funds have recently added to or reduced their stakes in ALGN. Cullen Frost Bankers Inc. increased its position in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock valued at $25,000 after acquiring an additional 94 shares during the last quarter. Rothschild Investment LLC purchased a new position in Align Technology in the second quarter valued at about $26,000. True Wealth Design LLC grew its position in shares of Align Technology by 10,700.0% during the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider's stock valued at $27,000 after acquiring an additional 107 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Align Technology in the 3rd quarter worth approximately $32,000. Finally, Quarry LP lifted its stake in Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider's stock valued at $31,000 after purchasing an additional 44 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of ALGN traded up $1.93 during mid-day trading on Wednesday, reaching $208.51. 431,721 shares of the company were exchanged, compared to its average volume of 774,469. The business has a 50 day simple moving average of $222.11 and a two-hundred day simple moving average of $230.39. Align Technology has a 52 week low of $196.09 and a 52 week high of $335.40. The stock has a market capitalization of $15.57 billion, a PE ratio of 35.58, a PEG ratio of 6.20 and a beta of 1.66.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm's revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.62 EPS. On average, analysts predict that Align Technology will post 7.45 EPS for the current 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.