Alignment Healthcare (NASDAQ:ALHC) Sees Large Volume Increase After Analyst Upgrade

Alignment Healthcare, Inc. (NASDAQ:ALHC - Get Free Report) shares saw unusually-high trading volume on Thursday after Barclays raised their price target on the stock from $7.00 to $8.00. Barclays currently has an underweight rating on the stock. Approximately 632,003 shares were traded during trading, a decline of 38% from the previous session's volume of 1,019,669 shares.The stock last traded at $11.75 and had previously closed at $11.73.

Several other research analysts have also weighed in on the stock. UBS Group raised their price objective on shares of Alignment Healthcare from $9.00 to $12.00 and gave the stock a "neutral" rating in a report on Wednesday. KeyCorp assumed coverage on shares of Alignment Healthcare in a report on Friday, October 11th. They issued a "sector weight" rating on the stock. Piper Sandler reissued an "overweight" rating and issued a $10.00 price target (up previously from $8.00) on shares of Alignment Healthcare in a report on Tuesday, August 6th. Stifel Nicolaus upped their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, July 26th. Finally, TD Cowen increased their price objective on shares of Alignment Healthcare from $8.00 to $10.00 and gave the stock a "buy" rating in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $10.33.

Insiders Place Their Bets

In related news, CFO Robert Thomas Freeman sold 8,561 shares of the firm's stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $10.01, for a total transaction of $85,695.61. Following the completion of the transaction, the chief financial officer now owns 399,429 shares of the company's stock, valued at $3,998,284.29. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Dawn Christine Maroney sold 30,000 shares of the business's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $10.77, for a total transaction of $323,100.00. Following the sale, the insider now directly owns 1,726,097 shares of the company's stock, valued at $18,590,064.69. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert Thomas Freeman sold 8,561 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $10.01, for a total value of $85,695.61. Following the completion of the transaction, the chief financial officer now owns 399,429 shares of the company's stock, valued at $3,998,284.29. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 314,940 shares of company stock worth $3,487,014. 6.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alignment Healthcare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Creative Planning raised its holdings in shares of Alignment Healthcare by 20.0% during the 3rd quarter. Creative Planning now owns 12,442 shares of the company's stock valued at $147,000 after purchasing an additional 2,072 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Alignment Healthcare by 18.1% during the second quarter. Principal Financial Group Inc. now owns 13,521 shares of the company's stock valued at $106,000 after buying an additional 2,077 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Alignment Healthcare by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 39,570 shares of the company's stock worth $196,000 after buying an additional 3,334 shares during the last quarter. nVerses Capital LLC bought a new stake in shares of Alignment Healthcare during the 3rd quarter worth about $95,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Alignment Healthcare by 20.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,531 shares of the company's stock valued at $434,000 after acquiring an additional 9,595 shares during the last quarter. Institutional investors own 86.19% of the company's stock.

Alignment Healthcare Price Performance

The stock has a 50 day moving average of $10.67 and a two-hundred day moving average of $8.71. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market capitalization of $2.37 billion, a P/E ratio of -15.12 and a beta of 1.47.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.14) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.14). Alignment Healthcare had a negative net margin of 6.85% and a negative return on equity of 101.10%. The business had revenue of $692.43 million during the quarter, compared to analysts' expectations of $662.11 million. During the same period in the previous year, the company earned ($0.19) earnings per share. Alignment Healthcare's revenue for the quarter was up 51.6% on a year-over-year basis. Sell-side analysts predict that Alignment Healthcare, Inc. will post -0.67 earnings per share for the current fiscal year.

Alignment Healthcare Company Profile

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.