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

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) was the target of a significant increase in short interest in the month of February. As of February 15th, there was short interest totalling 2,880,000 shares, an increase of 27.4% from the January 31st total of 2,260,000 shares. Currently, 4.1% of the shares of the company are sold short. Based on an average trading volume of 782,700 shares, the short-interest ratio is currently 3.7 days.

Institutional Investors Weigh In On Align Technology

A number of hedge funds have recently made changes to their positions in ALGN. Baker Avenue Asset Management LP purchased a new position in Align Technology in the 3rd quarter worth $4,250,000. Swedbank AB raised its holdings in Align Technology by 30.1% during the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider's stock valued at $98,960,000 after buying an additional 90,000 shares during the last quarter. KBC Group NV boosted its position in Align Technology by 11.8% during the 3rd quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider's stock valued at $13,595,000 after buying an additional 5,663 shares during the period. Nordea Investment Management AB grew its holdings in Align Technology by 3.5% in the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock worth $56,870,000 after acquiring an additional 9,139 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Align Technology by 119.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider's stock valued at $35,368,000 after acquiring an additional 92,407 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Remove Ads

Align Technology Stock Performance

Align Technology stock traded up $1.75 during mid-day trading on Friday, hitting $173.75. 1,687,850 shares of the company traded hands, compared to its average volume of 763,942. The stock has a fifty day moving average price of $208.02 and a 200-day moving average price of $221.37. The stock has a market cap of $12.79 billion, a price-to-earnings ratio of 30.97, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. Align Technology has a one year low of $167.32 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Sell-side analysts predict that Align Technology will post 7.98 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ALGN. Bank of America raised their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an "underperform" rating in a research note on Friday, December 13th. Jefferies Financial Group decreased their price objective on Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a report on Thursday, January 23rd. Wells Fargo & Company assumed coverage on shares of Align Technology in a report on Friday, February 14th. They issued an "overweight" rating and a $255.00 price objective for the company. Piper Sandler lowered their target price on shares of Align Technology from $275.00 to $270.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. Finally, Morgan Stanley dropped their target price on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Align Technology has a consensus rating of "Moderate Buy" and a consensus target price of $269.91.

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.