Verition Fund Management LLC Purchases 55,771 Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC)

Verition Fund Management LLC increased its position in Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) by 85.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 121,180 shares of the company's stock after acquiring an additional 55,771 shares during the period. Verition Fund Management LLC owned about 0.06% of Alignment Healthcare worth $1,432,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ALHC. Walleye Capital LLC grew its stake in shares of Alignment Healthcare by 142.2% in the third quarter. Walleye Capital LLC now owns 178,110 shares of the company's stock worth $2,105,000 after acquiring an additional 104,565 shares during the period. The Manufacturers Life Insurance Company grew its position in Alignment Healthcare by 132.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 128,933 shares of the company's stock worth $1,524,000 after purchasing an additional 73,402 shares during the period. Algert Global LLC grew its position in Alignment Healthcare by 44.8% in the 3rd quarter. Algert Global LLC now owns 80,903 shares of the company's stock worth $956,000 after purchasing an additional 25,050 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Alignment Healthcare by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 839,695 shares of the company's stock valued at $9,925,000 after buying an additional 13,865 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Alignment Healthcare during the 3rd quarter valued at $315,000. 86.19% of the stock is owned by institutional investors.

Alignment Healthcare Price Performance

Shares of Alignment Healthcare stock traded down $0.81 on Friday, hitting $11.39. 1,863,404 shares of the company traded hands, compared to its average volume of 2,397,015. Alignment Healthcare, Inc. has a 52 week low of $4.46 and a 52 week high of $14.25. The business has a 50-day simple moving average of $11.93 and a 200 day simple moving average of $9.93. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.60 and a current ratio of 1.60. The stock has a market capitalization of $2.18 billion, a P/E ratio of -14.79 and a beta of 1.42.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ALHC shares. Barclays increased 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. Stephens raised shares of Alignment Healthcare from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $13.00 to $17.00 in a research report on Tuesday. KeyCorp began coverage on Alignment Healthcare in a report on Friday, October 11th. They issued a "sector weight" rating on the stock. Robert W. Baird boosted their price target on Alignment Healthcare from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Wednesday, August 14th. Finally, UBS Group raised their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Alignment Healthcare currently has an average rating of "Moderate Buy" and a consensus target price of $11.44.

Insider Activity

In related news, Director Joseph S. Konowiecki sold 6,920 shares of Alignment Healthcare stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $13.73, for a total value of $95,011.60. Following the completion of the transaction, the director now owns 1,134,888 shares in the company, valued at approximately $15,582,012.24. This trade represents a 0.61 % 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, insider Hyong Kim sold 62,574 shares of the company's stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $12.20, for a total value of $763,402.80. Following the sale, the insider now owns 470,496 shares in the company, valued at approximately $5,740,051.20. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 603,057 shares of company stock worth $7,276,931. 6.60% of the stock is currently owned by insiders.

Alignment Healthcare 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.