Alignment Healthcare (NASDAQ:ALHC) Shares Gap Up After Analyst Upgrade

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC - Get Free Report) gapped up before the market opened on Tuesday after Stifel Nicolaus raised their price target on the stock from $18.00 to $23.00. The stock had previously closed at $17.82, but opened at $19.73. Stifel Nicolaus currently has a buy rating on the stock. Alignment Healthcare shares last traded at $20.59, with a volume of 760,612 shares.

ALHC has been the topic of a number of other research reports. Stephens reissued an "overweight" rating and issued a $17.00 target price on shares of Alignment Healthcare in a research note on Monday, February 24th. William Blair reissued an "outperform" rating on shares of Alignment Healthcare in a report on Friday, February 28th. Piper Sandler raised their target price on Alignment Healthcare from $14.00 to $21.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 4th. Barclays upped their price target on Alignment Healthcare from $8.00 to $9.00 and gave the company an "underweight" rating in a research report on Friday, February 28th. Finally, Bank of America lifted their price objective on Alignment Healthcare from $15.50 to $18.50 and gave the company a "buy" rating in a report on Tuesday, March 4th. One equities research 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. According to data from MarketBeat, Alignment Healthcare presently has a consensus rating of "Moderate Buy" and a consensus price target of $15.39.

Remove Ads

Insider Buying and Selling at Alignment Healthcare

In other news, CEO John E. Kao sold 554,713 shares of the business's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $15.53, for a total transaction of $8,614,692.89. Following the completion of the sale, the chief executive officer now owns 4,733,664 shares in the company, valued at $73,513,801.92. The trade was a 10.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert Thomas Freeman sold 250,000 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $15.58, for a total value of $3,895,000.00. Following the completion of the transaction, the chief financial officer now owns 1,635,849 shares in the company, valued at approximately $25,486,527.42. This represents a 13.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,981,855 shares of company stock worth $30,590,612. 6.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alignment Healthcare

Several large investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its position in shares of Alignment Healthcare by 77.9% during the 4th quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company's stock valued at $83,683,000 after acquiring an additional 3,257,630 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Alignment Healthcare by 54.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,649,042 shares of the company's stock worth $97,302,000 after purchasing an additional 3,059,596 shares during the period. Millennium Management LLC lifted its stake in Alignment Healthcare by 588.3% in the fourth quarter. Millennium Management LLC now owns 3,388,602 shares of the company's stock valued at $38,122,000 after buying an additional 2,896,311 shares during the period. Point72 Asset Management L.P. bought a new position in Alignment Healthcare during the fourth quarter worth about $20,087,000. Finally, Broad Bay Capital Management LP acquired a new stake in shares of Alignment Healthcare in the 4th quarter valued at approximately $18,804,000. 86.19% of the stock is currently owned by institutional investors and hedge funds.

Alignment Healthcare Stock Down 0.2 %

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 firm has a market cap of $3.79 billion, a P/E ratio of -25.64 and a beta of 1.32. The firm's 50 day moving average is $16.14 and its two-hundred day moving average is $13.59.

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.