Align Technology, Inc. (NASDAQ:ALGN) Sees Significant Drop in Short Interest

Align Technology, Inc. (NASDAQ:ALGN) saw a large decline in short interest in January. As of January 15th, there was short interest totalling 2,340,000 shares, a decline of 13.7% from the December 31st total of 2,710,000 shares. Approximately 3.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 750,900 shares, the short-interest ratio is presently 3.1 days.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Piper Sandler lowered their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Mizuho started coverage on Align Technology in a report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective on the stock. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Jefferies Financial Group dropped their price objective on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Finally, Robert W. Baird dropped their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $271.70.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded down $1.46 during midday trading on Monday, reaching $217.65. The company’s stock had a trading volume of 729,057 shares, compared to its average volume of 639,357. The business’s fifty day simple moving average is $222.95 and its 200-day simple moving average is $226.73. The company has a market capitalization of $16.25 billion, a P/E ratio of 37.19, a P/E/G ratio of 4.80 and a beta of 1.67. Align Technology has a fifty-two week low of $196.09 and a fifty-two week high of $335.40.

Institutional Trading of Align Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in Align Technology by 49.0% during the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after buying an additional 866,663 shares during the last quarter. Holocene Advisors LP bought a new position in Align Technology during the third quarter worth about $137,287,000. FMR LLC boosted its holdings in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after buying an additional 367,508 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Align Technology by 96.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after purchasing an additional 330,807 shares in the last quarter. Finally, Meridiem Investment Management Ltd. lifted its holdings in shares of Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after purchasing an additional 297,472 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

About Align Technology

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.