Alignment Healthcare (NASDAQ:ALHC) Stock Price Up 8.6%

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) traded up 8.6% during trading on Wednesday . The company traded as high as $9.79 and last traded at $9.77. 556,362 shares were traded during trading, a decline of 38% from the average session volume of 902,523 shares. The stock had previously closed at $9.00.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Bank of America upgraded Alignment Healthcare from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $7.75 to $11.00 in a research report on Thursday, May 30th. Baird R W raised shares of Alignment Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. Robert W. Baird lifted their price objective on Alignment Healthcare from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Wednesday, August 14th. TD Cowen lifted their target price on shares of Alignment Healthcare from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Finally, Stifel Nicolaus increased their price target on Alignment Healthcare from $9.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.83.

Alignment Healthcare Stock Up 10.9 %

The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.70. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of -11.63 and a beta of 1.43. The firm’s 50 day simple moving average is $8.94 and its two-hundred day simple moving average is $7.18.

Alignment Healthcare (NASDAQ:ALHC) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.01. The firm had revenue of $681.29 million for the quarter, compared to analyst estimates of $637.66 million. Alignment Healthcare had a negative return on equity of 101.10% and a negative net margin of 6.85%. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period last year, the firm posted ($0.15) earnings per share. On average, equities analysts forecast that Alignment Healthcare, Inc. will post -0.68 EPS for the current year.

Insiders Place Their Bets

In other Alignment Healthcare news, insider Christopher J. Joyce sold 15,034 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $9.05, for a total value of $136,057.70. Following the transaction, the insider now owns 406,912 shares of the company’s stock, valued at $3,682,553.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Robert Thomas Freeman sold 22,100 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $10.00, for a total transaction of $221,000.00. Following the transaction, the chief financial officer now directly owns 497,329 shares in the company, valued at approximately $4,973,290. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Christopher J. Joyce sold 15,034 shares of Alignment Healthcare stock in a transaction on Monday, July 15th. The shares were sold at an average price of $9.05, for a total transaction of $136,057.70. Following the completion of the sale, the insider now owns 406,912 shares in the company, valued at approximately $3,682,553.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 237,778 shares of company stock worth $2,267,856. Insiders own 6.60% of the company’s stock.

Institutional Trading of Alignment Healthcare

Several institutional investors and hedge funds have recently modified their holdings of the company. Deerfield Management Company L.P. Series C boosted its position in shares of Alignment Healthcare by 31.8% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company’s stock valued at $85,250,000 after acquiring an additional 2,630,788 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Alignment Healthcare by 1.0% during the first quarter. Vanguard Group Inc. now owns 9,239,472 shares of the company’s stock valued at $45,828,000 after buying an additional 93,262 shares during the period. Hood River Capital Management LLC grew its stake in shares of Alignment Healthcare by 6.4% during the second quarter. Hood River Capital Management LLC now owns 3,106,690 shares of the company’s stock valued at $24,294,000 after buying an additional 185,854 shares during the last quarter. William Blair Investment Management LLC lifted its stake in shares of Alignment Healthcare by 94.4% during the 2nd quarter. William Blair Investment Management LLC now owns 3,104,681 shares of the company’s stock worth $24,279,000 after acquiring an additional 1,507,759 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Alignment Healthcare by 16.8% during the second quarter. Renaissance Technologies LLC now owns 1,565,800 shares of the company’s stock worth $12,245,000 after purchasing an additional 225,000 shares during the last quarter. 86.19% of the stock is currently owned by institutional investors.

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.