Atom Investors LP Takes $961,000 Position in Alignment Healthcare, Inc. (NASDAQ:ALHC)

Atom Investors LP bought a new position in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 81,317 shares of the company's stock, valued at approximately $961,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in ALHC. Deerfield Management Company L.P. Series C boosted its holdings in Alignment Healthcare by 31.8% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company's stock valued at $85,250,000 after purchasing an additional 2,630,788 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in Alignment Healthcare by 94.4% in the 2nd quarter. William Blair Investment Management LLC now owns 3,104,681 shares of the company's stock valued at $24,279,000 after purchasing an additional 1,507,759 shares in the last quarter. Royce & Associates LP purchased a new stake in Alignment Healthcare in the 3rd quarter valued at approximately $3,782,000. Renaissance Technologies LLC boosted its stake in shares of Alignment Healthcare by 16.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,565,800 shares of the company's stock worth $12,245,000 after acquiring an additional 225,000 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new stake in shares of Alignment Healthcare during the 2nd quarter worth approximately $1,512,000. Institutional investors and hedge funds own 86.19% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ALHC. Barclays boosted their price target on Alignment Healthcare from $7.00 to $8.00 and gave the company an "underweight" rating in a report on Wednesday, October 30th. TD Cowen upped their price target on shares of Alignment Healthcare from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Tuesday, August 6th. KeyCorp assumed coverage on shares of Alignment Healthcare in a research report on Friday, October 11th. They set a "sector weight" rating for the company. Robert W. Baird upped their price target on shares of Alignment Healthcare from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 14th. Finally, Stephens raised shares of Alignment Healthcare from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $13.00 to $17.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Alignment Healthcare currently has a consensus rating of "Moderate Buy" and an average price target of $11.44.

Insider Activity at Alignment Healthcare

In related news, CEO John E. Kao sold 90,000 shares of Alignment Healthcare stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $11.33, for a total value of $1,019,700.00. Following the sale, the chief executive officer now owns 2,543,100 shares in the company, valued at $28,813,323. The trade was a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Hakan Kardes sold 35,000 shares of Alignment Healthcare stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $12.80, for a total transaction of $448,000.00. Following the completion of the sale, the insider now owns 320,444 shares in the company, valued at approximately $4,101,683.20. This trade represents a 9.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 540,483 shares of company stock worth $6,513,528. 6.60% of the stock is owned by company insiders.

Alignment Healthcare Price Performance

Shares of Alignment Healthcare stock traded down $0.03 during midday trading on Wednesday, hitting $12.52. 2,360,291 shares of the company traded hands, compared to its average volume of 1,162,302. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -16.22 and a beta of 1.42. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.60 and a current ratio of 1.60. The firm's fifty day moving average price is $11.88 and its 200-day moving average price is $9.87. Alignment Healthcare, Inc. has a 12 month low of $4.46 and a 12 month high of $14.25.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last issued 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 net margin of 5.84% and a negative return on equity of 108.69%. The firm had revenue of $692.43 million for the quarter, compared to the consensus estimate of $662.11 million. During the same quarter in the previous year, the company earned ($0.19) EPS. The company's revenue for the quarter was up 51.6% on a year-over-year basis. As a group, sell-side analysts forecast that Alignment Healthcare, Inc. will post -0.69 earnings per share for the current year.

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.