Alignment Healthcare (NASDAQ:ALHC) Shares Gap Up - Still a Buy?

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $12.27, but opened at $12.86. Alignment Healthcare shares last traded at $12.83, with a volume of 8,562 shares.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ALHC shares. Robert W. Baird increased their price target on Alignment Healthcare from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Wednesday, August 14th. KeyCorp started coverage on Alignment Healthcare in a report on Friday, October 11th. They set a "sector weight" rating on the stock. Piper Sandler restated an "overweight" rating and set a $10.00 price target (up previously from $8.00) on shares of Alignment Healthcare in a report on Tuesday, August 6th. TD Cowen increased their price target on Alignment Healthcare from $8.00 to $10.00 and gave the company a "buy" rating in a report on Tuesday, August 6th. Finally, UBS Group increased their target price on Alignment Healthcare from $9.00 to $12.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Alignment Healthcare presently has an average rating of "Moderate Buy" and an average price target of $10.33.

Alignment Healthcare Stock Down 1.7 %

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 $11.81 and a 200-day moving average price of $9.75. The firm has a market cap of $2.42 billion, a P/E ratio of -16.38 and a beta of 1.45.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.14) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.14). Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The business had revenue of $692.43 million for the quarter, compared to the consensus estimate of $662.11 million. During the same quarter in the prior year, the company earned ($0.19) EPS. The business's revenue was up 51.6% compared to the same quarter last year. On average, equities analysts forecast that Alignment Healthcare, Inc. will post -0.69 EPS for the current fiscal year.

Insider Transactions at Alignment Healthcare

In related news, CFO Robert Thomas Freeman sold 14,500 shares of the firm's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $12.00, for a total transaction of $174,000.00. Following the sale, the chief financial officer now owns 264,429 shares of the company's stock, valued at $3,173,148. This trade represents a 5.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Hakan Kardes sold 35,000 shares of the firm's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $12.80, for a total value of $448,000.00. Following the sale, the insider now directly owns 320,444 shares in the company, valued at approximately $4,101,683.20. The trade was a 9.85 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 543,433 shares of company stock valued at $6,543,028. 6.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alignment Healthcare

Institutional investors have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. acquired a new stake in Alignment Healthcare in the first quarter worth about $918,000. Vanguard Group Inc. increased its stake in shares of Alignment Healthcare by 1.0% in the first quarter. Vanguard Group Inc. now owns 9,239,472 shares of the company's stock worth $45,828,000 after acquiring an additional 93,262 shares during the period. Deerfield Management Company L.P. Series C increased its stake in shares of Alignment Healthcare by 31.8% in the second quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company's stock worth $85,250,000 after acquiring an additional 2,630,788 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Alignment Healthcare by 27.5% in the second quarter. Bank of New York Mellon Corp now owns 382,462 shares of the company's stock worth $2,991,000 after acquiring an additional 82,559 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Alignment Healthcare by 1,335.1% in the third quarter. Principal Financial Group Inc. now owns 194,043 shares of the company's stock worth $2,294,000 after acquiring an additional 180,522 shares during the period. Institutional investors own 86.19% of the company's stock.

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.