Short Interest in Align Technology, Inc. (NASDAQ:ALGN) Decreases By 15.7%

Align Technology, Inc. (NASDAQ:ALGN) was the recipient of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 2,530,000 shares, a drop of 15.7% from the November 15th total of 3,000,000 shares. Based on an average trading volume of 785,200 shares, the short-interest ratio is currently 3.2 days. Approximately 3.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently bought and sold shares of the company. Quarry LP increased its holdings in shares of Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after buying an additional 44 shares during the last quarter. Crewe Advisors LLC increased its stake in Align Technology by 36.8% during the second quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock worth $41,000 after acquiring an additional 46 shares during the last quarter. Empirical Finance LLC increased its stake in Align Technology by 2.1% during the third quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after acquiring an additional 50 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Align Technology by 0.6% in the second quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock valued at $2,143,000 after purchasing an additional 54 shares during the period. Finally, Lake Street Advisors Group LLC lifted its stake in shares of Align Technology by 5.6% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock valued at $265,000 after purchasing an additional 55 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Trading Down 0.1 %

ALGN stock opened at $235.39 on Friday. The firm has a 50-day moving average of $224.11 and a two-hundred day moving average of $234.30. Align Technology has a 12 month low of $196.09 and a 12 month high of $335.40. The company has a market cap of $17.57 billion, a price-to-earnings ratio of 40.17, a PEG ratio of 6.20 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.62 earnings per share. As a group, equities analysts forecast that Align Technology will post 7.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ALGN shares. Stifel Nicolaus reduced their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Robert W. Baird decreased their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Bank of America boosted their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday. Evercore ISI decreased their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, Piper Sandler cut their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Align Technology has an average rating of “Hold” and a consensus price target of $271.20.

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.