Principal Financial Group Inc. Boosts Position in Alignment Healthcare, Inc. (NASDAQ:ALHC)

Principal Financial Group Inc. lifted its holdings in Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) by 1,335.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 194,043 shares of the company's stock after purchasing an additional 180,522 shares during the period. Principal Financial Group Inc. owned about 0.10% of Alignment Healthcare worth $2,294,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALHC. Virtu Financial LLC bought a new stake in Alignment Healthcare during the 1st quarter valued at $57,000. nVerses Capital LLC purchased a new stake in shares of Alignment Healthcare during the third quarter valued at about $95,000. Creative Planning raised its stake in shares of Alignment Healthcare by 20.0% during the 3rd quarter. Creative Planning now owns 12,442 shares of the company's stock worth $147,000 after acquiring an additional 2,072 shares in the last quarter. Mackenzie Financial Corp lifted its position in Alignment Healthcare by 110.0% during the second quarter. Mackenzie Financial Corp now owns 36,526 shares of the company's stock valued at $286,000 after acquiring an additional 19,129 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Alignment Healthcare by 20.9% in the second 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 in the last quarter. 86.19% of the stock is currently owned by institutional investors.

Insider Activity at Alignment Healthcare

In other Alignment Healthcare news, insider Dawn Christine Maroney sold 30,000 shares of the company's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $10.77, for a total transaction of $323,100.00. Following the completion of the transaction, the insider now directly owns 1,726,097 shares in the company, valued at approximately $18,590,064.69. This represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph S. Konowiecki sold 6,920 shares of the firm's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $13.73, for a total transaction of $95,011.60. Following the completion of the transaction, the director now directly owns 1,134,888 shares in the company, valued at $15,582,012.24. This represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 508,433 shares of company stock worth $6,095,028 in the last three months. Company insiders own 6.60% of the company's stock.

Alignment Healthcare Stock Performance

ALHC traded down $0.05 during midday trading on Friday, hitting $12.05. 1,265,265 shares of the company were exchanged, compared to its average volume of 2,488,215. The company's 50 day simple moving average is $11.70 and its 200 day simple moving average is $9.56. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -15.65 and a beta of 1.45. Alignment Healthcare, Inc. has a 1-year low of $4.46 and a 1-year high of $14.25. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.14) earnings per share for the quarter, meeting the consensus estimate of ($0.14). Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The company had revenue of $692.43 million during the quarter, compared to analysts' expectations of $662.11 million. During the same period last year, the business earned ($0.19) earnings per share. Alignment Healthcare's quarterly revenue was up 51.6% on a year-over-year basis. As a group, sell-side analysts predict that Alignment Healthcare, Inc. will post -0.69 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on ALHC. UBS Group boosted their target price on Alignment Healthcare from $9.00 to $12.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Robert W. Baird increased their price objective on shares of Alignment Healthcare from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Wednesday, August 14th. KeyCorp began coverage on shares of Alignment Healthcare in a research note on Friday, October 11th. They issued a "sector weight" rating for the company. Piper Sandler restated an "overweight" rating and set a $10.00 price target (up previously from $8.00) on shares of Alignment Healthcare in a research note on Tuesday, August 6th. Finally, Barclays lifted their price objective on shares of Alignment Healthcare from $7.00 to $8.00 and gave the stock an "underweight" rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Alignment Healthcare presently has a consensus rating of "Moderate Buy" and an average target price of $10.33.

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.