Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down Following Insider Selling

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC - Get Free Report) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $19.48, but opened at $17.40. Alignment Healthcare shares last traded at $16.64, with a volume of 1,172,478 shares changing hands.

Specifically, CEO John E. Kao sold 90,000 shares of the company's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $19.10, for a total value of $1,719,000.00. Following the completion of the sale, the chief executive officer now owns 2,003,100 shares in the company, valued at $38,259,210. This represents a 4.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Dawn Christine Maroney sold 230,000 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $19.10, for a total transaction of $4,393,000.00. Following the completion of the sale, the president now directly owns 2,132,899 shares of the company's stock, valued at $40,738,370.90. This represents a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

ALHC has been the topic of several research analyst reports. Stephens restated an "overweight" rating and issued a $17.00 price objective on shares of Alignment Healthcare in a research report on Monday, February 24th. Piper Sandler increased their price objective on shares of Alignment Healthcare from $14.00 to $21.00 and gave the company an "overweight" rating in a report on Tuesday, March 4th. Robert W. Baird upped their target price on shares of Alignment Healthcare from $17.00 to $22.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 15th. 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 note on Friday, February 28th. Finally, William Blair restated an "outperform" rating on shares of Alignment Healthcare in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $16.61.

Alignment Healthcare Stock Performance

The business's 50-day moving average price is $16.60 and its 200-day moving average price is $13.93. The stock has a market cap of $3.45 billion, a PE ratio of -23.38 and a beta of 1.32. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82.

Institutional Investors Weigh In On Alignment Healthcare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its stake in Alignment Healthcare by 2,748.5% in the 1st quarter. Blue Trust Inc. now owns 24,867 shares of the company's stock worth $463,000 after purchasing an additional 23,994 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Alignment Healthcare by 478.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 831,397 shares of the company's stock worth $15,481,000 after buying an additional 687,566 shares during the last quarter. Rhumbline Advisers lifted its stake in Alignment Healthcare by 4.4% during the 1st quarter. Rhumbline Advisers now owns 141,638 shares of the company's stock valued at $2,637,000 after acquiring an additional 5,934 shares during the period. GAMMA Investing LLC increased its stake in shares of Alignment Healthcare by 3,216.9% in the first quarter. GAMMA Investing LLC now owns 23,815 shares of the company's stock worth $443,000 after acquiring an additional 23,097 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Alignment Healthcare by 77.9% in the fourth quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company's stock worth $83,683,000 after acquiring an additional 3,257,630 shares during the period. 86.19% of the stock is currently owned by hedge funds and other institutional investors.

Alignment Healthcare Company Profile

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.