Alignment Healthcare (NASDAQ:ALHC) Price Target Raised to $17.00

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) had its target price boosted by investment analysts at JPMorgan Chase & Co. from $14.00 to $17.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 13.18% from the stock's previous close.

A number of other research analysts also recently issued reports on the stock. Barclays boosted their target price on shares of Alignment Healthcare from $8.00 to $9.00 and gave the company an "underweight" rating in a research report on Friday, February 28th. Stifel Nicolaus increased their price objective on shares of Alignment Healthcare from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Piper Sandler boosted their target price on Alignment Healthcare from $14.00 to $21.00 and gave the company an "overweight" rating in a research report on Tuesday, March 4th. William Blair reaffirmed an "outperform" rating on shares of Alignment Healthcare in a research note on Friday, February 28th. Finally, Bank of America raised their price objective on Alignment Healthcare from $15.50 to $18.50 and gave the company a "buy" rating in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Alignment Healthcare presently has an average rating of "Moderate Buy" and a consensus price target of $14.83.

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Alignment Healthcare Trading Up 0.9 %

ALHC stock traded up $0.13 during mid-day trading on Thursday, reaching $15.02. The company's stock had a trading volume of 2,232,665 shares, compared to its average volume of 2,080,941. The company has a market cap of $2.88 billion, a price-to-earnings ratio of -19.51 and a beta of 1.49. Alignment Healthcare has a 12 month low of $4.46 and a 12 month high of $16.25. The business's 50 day moving average price is $13.97 and its 200 day moving average price is $12.23. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82.

Insider Activity

In related news, insider Christopher J. Joyce sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $15.58, for a total value of $389,500.00. Following the sale, the insider now directly owns 397,845 shares of the company's stock, valued at $6,198,425.10. This trade represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Dawn Christine Maroney sold 30,000 shares of Alignment Healthcare stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $13.61, for a total transaction of $408,300.00. Following the sale, the president now owns 1,606,097 shares of the company's stock, valued at approximately $21,858,980.17. The trade was a 1.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,760,756 shares of company stock worth $26,490,627. 6.60% of the stock is owned by company insiders.

Institutional Trading of Alignment Healthcare

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