Robert L. Scavo Sells 55,403 Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) Stock

Alignment Healthcare, Inc. (NASDAQ:ALHC - Get Free Report) insider Robert L. Scavo sold 55,403 shares of the firm'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 $860,408.59. Following the transaction, the insider now directly owns 673,419 shares of the company's stock, valued at approximately $10,458,197.07. This represents a 7.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Alignment Healthcare Stock Performance

ALHC stock traded up $0.13 during trading on Monday, reaching $15.02. 2,232,665 shares of the company's stock were exchanged, compared to its average volume of 2,080,941. Alignment Healthcare, Inc. has a 1-year low of $4.46 and a 1-year high of $16.25. The firm has a market cap of $2.88 billion, a PE ratio of -19.51 and a beta of 1.49. The company's fifty day moving average price is $13.97 and its 200-day moving average price is $12.23. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82.

Wall Street Analysts Forecast Growth

ALHC has been the subject of several research reports. Piper Sandler lifted 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 increased their target price on shares of Alignment Healthcare from $8.00 to $9.00 and gave the stock an "underweight" rating in a report on Friday, February 28th. JPMorgan Chase & Co. lifted their price target on shares of Alignment Healthcare from $14.00 to $17.00 and gave the company a "neutral" rating in a report on Thursday. Stephens reiterated an "overweight" rating and set a $17.00 price objective on shares of Alignment Healthcare in a research note on Monday, February 24th. Finally, William Blair restated an "outperform" rating on shares of Alignment Healthcare in a research note on Friday, February 28th. One investment 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 company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $14.83.

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Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Verition Fund Management LLC lifted its position in Alignment Healthcare by 85.3% in the third quarter. Verition Fund Management LLC now owns 121,180 shares of the company's stock worth $1,432,000 after purchasing an additional 55,771 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Alignment Healthcare by 249.3% in the third quarter. JPMorgan Chase & Co. now owns 288,219 shares of the company's stock valued at $3,407,000 after buying an additional 205,705 shares during the period. Principal Financial Group Inc. boosted its stake in Alignment Healthcare by 1,335.1% during the third quarter. Principal Financial Group Inc. now owns 194,043 shares of the company's stock valued at $2,294,000 after buying an additional 180,522 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Alignment Healthcare by 132.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 128,933 shares of the company's stock valued at $1,524,000 after acquiring an additional 73,402 shares during the last quarter. Finally, Barclays PLC grew its position in Alignment Healthcare by 144.1% in the third quarter. Barclays PLC now owns 193,446 shares of the company's stock worth $2,287,000 after buying an additional 114,191 shares during the last quarter. 86.19% of the stock is currently owned by 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.