Bank of America Forecasts Strong Price Appreciation for Alignment Healthcare (NASDAQ:ALHC) Stock

Alignment Healthcare (NASDAQ:ALHC - Free Report) had its price objective increased by Bank of America from $15.50 to $18.50 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently commented on ALHC. Barclays boosted their price target on shares of Alignment Healthcare from $8.00 to $9.00 and gave the stock an "underweight" rating in a research report on Friday, February 28th. Stifel Nicolaus upped their target price on Alignment Healthcare from $16.00 to $18.00 and gave the company a "buy" rating in a report on Friday, February 28th. Stephens reissued an "overweight" rating and issued a $17.00 price target on shares of Alignment Healthcare in a research note on Monday, February 24th. Finally, William Blair reiterated an "outperform" rating on shares of Alignment Healthcare in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Alignment Healthcare has a consensus rating of "Moderate Buy" and an average price target of $14.56.

Alignment Healthcare Stock Performance

Alignment Healthcare stock traded up $0.06 during mid-day trading on Tuesday, reaching $15.81. The company's stock had a trading volume of 2,240,334 shares, compared to its average volume of 2,028,025. Alignment Healthcare has a twelve month low of $4.46 and a twelve month high of $16.25. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of -20.53 and a beta of 1.50. 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 business has a 50 day moving average price of $13.80 and a 200-day moving average price of $12.12.

Insider Activity at Alignment Healthcare

In other Alignment Healthcare news, COO Sebastian Burzacchi sold 8,550 shares of the company's stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $11.26, for a total value of $96,273.00. Following the sale, the chief operating officer now owns 217,395 shares in the company, valued at approximately $2,447,867.70. The trade was a 3.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Hyong Kim sold 62,574 shares of the company's stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $12.20, for a total value of $763,402.80. Following the completion of the sale, the insider now owns 470,496 shares in the company, valued at $5,740,051.20. This trade represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 441,002 shares of company stock worth $5,772,726 in the last ninety days. 6.60% of the stock is owned by company insiders.

Institutional Trading of Alignment Healthcare

Several institutional investors and hedge funds have recently modified their holdings of the stock. R Squared Ltd purchased a new stake in Alignment Healthcare in the fourth quarter worth $55,000. RiverPark Advisors LLC bought a new stake in Alignment Healthcare during the fourth quarter worth about $106,000. Tower Research Capital LLC TRC lifted its stake in Alignment Healthcare by 146.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,571 shares of the company's stock worth $119,000 after purchasing an additional 6,286 shares during the last quarter. Ballentine Partners LLC bought a new stake in shares of Alignment Healthcare in the 4th quarter valued at about $121,000. Finally, Aigen Investment Management LP bought a new stake in shares of Alignment Healthcare in the 4th quarter valued at about $129,000. 86.19% of the stock is owned by hedge funds and other institutional investors.

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.