Align Technology, Inc. (NASDAQ:ALGN) Sees Significant Growth in Short Interest

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) was the target of a large increase in short interest in the month of August. As of August 15th, there was short interest totalling 2,730,000 shares, an increase of 21.9% from the July 31st total of 2,240,000 shares. Approximately 3.9% of the shares of the company are sold short. Based on an average daily volume of 880,300 shares, the days-to-cover ratio is presently 3.1 days.

Insider Buying and Selling at Align Technology

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business's stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.62% of the company's stock.

Hedge Funds Weigh In On Align Technology

Several large investors have recently modified their holdings of ALGN. Cullen Frost Bankers Inc. grew its position in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock valued at $25,000 after acquiring an additional 94 shares during the last quarter. Mather Group LLC. bought a new position in Align Technology in the 1st quarter valued at $26,000. Innealta Capital LLC bought a new position in Align Technology in the 2nd quarter valued at $26,000. Rothschild Investment LLC bought a new position in Align Technology in the 2nd quarter valued at $26,000. Finally, Versant Capital Management Inc grew its position in Align Technology by 547.1% in the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock valued at $27,000 after acquiring an additional 93 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of ALGN traded up $2.07 during mid-day trading on Friday, hitting $237.22. 493,501 shares of the stock were exchanged, compared to its average volume of 783,563. The company has a market cap of $17.86 billion, a PE ratio of 39.08, a price-to-earnings-growth ratio of 5.18 and a beta of 1.66. Align Technology has a 52-week low of $176.34 and a 52-week high of $375.68. The firm has a 50-day moving average of $234.76 and a two-hundred day moving average of $272.70.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company's revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.73 EPS. On average, sell-side analysts predict that Align Technology will post 7.64 EPS for the current year.

Analyst Ratings Changes

ALGN has been the subject of a number of recent research reports. Evercore ISI cut their price objective on Align Technology from $370.00 to $300.00 and set an "outperform" rating for the company in a research note on Monday, June 10th. StockNews.com raised Align Technology from a "hold" rating to a "buy" rating in a report on Saturday, August 24th. Piper Sandler lowered their price target on Align Technology from $330.00 to $315.00 and set an "overweight" rating on the stock in a report on Thursday, July 25th. Stifel Nicolaus lowered their price target on Align Technology from $400.00 to $350.00 and set a "buy" rating on the stock in a report on Thursday, July 25th. Finally, Robert W. Baird lowered their price target on Align Technology from $370.00 to $325.00 and set an "outperform" rating on the stock in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $322.78.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.