Alignment Healthcare (NASDAQ:ALHC) Hits New 52-Week Low After Analyst Downgrade

Alignment Healthcare, Inc. (NASDAQ:ALHC)’s share price hit a new 52-week low during mid-day trading on Friday after KeyCorp lowered their price target on the stock from $28.00 to $12.00. KeyCorp currently has an overweight rating on the stock. Alignment Healthcare traded as low as $7.29 and last traded at $6.2860, with a volume of 940382 shares. The stock had previously closed at $8.71.

Several other research analysts also recently commented on ALHC. Barclays lowered their price objective on shares of Alignment Healthcare from $16.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday. TD Cowen reiterated a “buy” rating on shares of Alignment Healthcare in a research note on Wednesday, September 16th. Zacks Research cut Alignment Healthcare from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings upgraded Alignment Healthcare from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 25th. Finally, Wall Street Zen lowered Alignment Healthcare from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Alignment Healthcare presently has an average rating of “Moderate Buy” and an average price target of $21.40.

Insider Buying and Selling at Alignment Healthcare

In other news, EVP Joseph S. Konowiecki sold 23,511 shares of the stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $8.61, for a total transaction of $202,429.71. Following the completion of the sale, the executive vice president directly owned 1,080,305 shares in the company, valued at $9,301,426.05. This represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Dawn Maroney sold 122,707 shares of the stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $12.68, for a total value of $1,555,924.76. Following the sale, the president owned 794,606 shares of the company’s stock, valued at approximately $10,075,604.08. The trade was a 13.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 1,061,967 shares of company stock worth $13,642,490. Company insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ALHC. WINTON GROUP Ltd acquired a new stake in Alignment Healthcare in the second quarter worth $1,164,000. Arizona State Retirement System raised its holdings in shares of Alignment Healthcare by 15.8% during the second quarter. Arizona State Retirement System now owns 53,553 shares of the company’s stock valued at $1,275,000 after purchasing an additional 7,318 shares during the period. Nykredit A S bought a new position in shares of Alignment Healthcare during the 2nd quarter worth about $36,000. Corient Private Wealth LP boosted its position in shares of Alignment Healthcare by 128.2% during the 2nd quarter. Corient Private Wealth LP now owns 136,505 shares of the company’s stock worth $3,250,000 after purchasing an additional 76,677 shares in the last quarter. Finally, HighTower Advisors LLC acquired a new stake in shares of Alignment Healthcare in the 2nd quarter valued at about $755,000. Institutional investors and hedge funds own 86.19% of the company’s stock.

Alignment Healthcare Stock Performance

The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 35.03 and a beta of 1.14. The company has a 50 day moving average price of $11.64 and a 200 day moving average price of $16.70. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.70 and a current ratio of 1.70.

Alignment Healthcare (NASDAQ:ALHC) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.31 billion. Alignment Healthcare had a return on equity of 20.02% and a net margin of 0.89%.The firm’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.07 EPS. Equities research analysts predict that Alignment Healthcare, Inc. will post 0.17 earnings per share for the current fiscal year.

Alignment Healthcare Company Profile

Alignment Healthcare, Inc is a technology-enabled Medicare Advantage company focused on providing health coverage and care services for older adults. The company offers Medicare Advantage plans that combine medical benefits with care coordination, wellness support, and other services designed to help members manage their health.

Alignment operates through an integrated healthcare model that uses its proprietary technology platform to support physicians, care teams, and members. Its services include personalized care management, clinical coordination, virtual and in-home support, and member assistance through its concierge-style approach.