Alignment Healthcare (NASDAQ:ALHC) Trading Down 4.6% - Here's Why

Alignment Healthcare, Inc. (NASDAQ:ALHC - Get Free Report) fell 4.6% during trading on Monday . The stock traded as low as $18.80 and last traded at $18.83. 363,878 shares were traded during mid-day trading, a decline of 78% from the average session volume of 1,633,347 shares. The stock had previously closed at $19.74.

Analyst Upgrades and Downgrades

Several analysts have commented on ALHC shares. Stifel Nicolaus increased their target price on Alignment Healthcare from $18.00 to $23.00 and gave the company a "buy" rating in a research note on Tuesday, April 8th. Bank of America upped their target price on Alignment Healthcare from $15.50 to $18.50 and gave the stock a "buy" rating in a report on Tuesday, March 4th. Barclays lifted their price target on Alignment Healthcare from $8.00 to $9.00 and gave the stock an "underweight" rating in a research report on Friday, February 28th. Robert W. Baird upped their target price on Alignment Healthcare from $17.00 to $22.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Piper Sandler lifted their price target on shares of Alignment Healthcare from $14.00 to $21.00 and gave the company an "overweight" rating in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $16.61.

Alignment Healthcare Stock Performance

The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of -23.69 and a beta of 1.32. The stock has a 50 day moving average of $16.54 and a 200 day moving average of $13.84.

Insider Buying and Selling

In related news, COO Sebastian Burzacchi sold 6,694 shares of the company's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $16.40, for a total transaction of $109,781.60. Following the completion of the transaction, the chief operating officer now owns 250,378 shares in the company, valued at approximately $4,106,199.20. This represents a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert L. Scavo sold 2,864 shares of the business's stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $17.89, for a total transaction of $51,236.96. Following the transaction, the insider now owns 702,953 shares in the company, valued at $12,575,829.17. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,181,855 shares of company stock worth $35,118,912. Corporate insiders own 6.60% of the company's stock.

Institutional Investors Weigh In On Alignment Healthcare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Alignment Healthcare by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,963 shares of the company's stock valued at $641,000 after buying an additional 2,154 shares in the last quarter. Rhumbline Advisers increased its holdings in Alignment Healthcare by 2.2% in the 4th quarter. Rhumbline Advisers now owns 135,704 shares of the company's stock valued at $1,527,000 after purchasing an additional 2,937 shares during the last quarter. MetLife Investment Management LLC increased its stake in Alignment Healthcare by 5.6% during the 4th quarter. MetLife Investment Management LLC now owns 61,344 shares of the company's stock worth $690,000 after buying an additional 3,256 shares during the period. Alliancebernstein L.P. grew its holdings in Alignment Healthcare by 2.8% during the 4th quarter. Alliancebernstein L.P. now owns 119,440 shares of the company's stock worth $1,344,000 after acquiring an additional 3,300 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its stake in Alignment Healthcare by 15.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 34,497 shares of the company's stock worth $388,000 after purchasing an additional 4,497 shares during the last quarter. 86.19% of the stock is currently 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.