Align Technology Target of Unusually High Options Trading (NASDAQ:ALGN)

Align Technology, Inc. (NASDAQ:ALGN) was the target of some unusual options trading activity on Tuesday. Traders purchased 2,293 call options on the stock. This is an increase of 72% compared to the average volume of 1,334 call options.

Align Technology Stock Down 2.9%

NASDAQ:ALGN traded down $4.63 during trading hours on Tuesday, reaching $154.00. 99,470 shares of the stock were exchanged, compared to its average volume of 1,076,099. The business has a 50-day moving average of $171.22 and a two-hundred day moving average of $173.71. Align Technology has a twelve month low of $122.00 and a twelve month high of $200.43. The company has a market capitalization of $11.03 billion, a price-to-earnings ratio of 26.78, a PEG ratio of 1.69 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the prior year, the company earned $2.49 earnings per share. The business’s quarterly revenue was up 4.3% on a year-over-year basis. On average, research analysts forecast that Align Technology will post 9.38 EPS for the current fiscal year.

Institutional Trading of Align Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of ALGN. Sunbelt Securities Inc. raised its position in shares of Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 109 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 69 shares during the last quarter. Tobam acquired a new stake in Align Technology during the 4th quarter worth approximately $30,000. Hollencrest Capital Management purchased a new position in Align Technology in the 1st quarter valued at $34,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Align Technology by 1,773.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 266 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALGN has been the subject of several research reports. UBS Group reiterated a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research report on Thursday, July 23rd. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday. Zacks Research downgraded shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Thursday, July 30th. Finally, BMO Capital Markets began coverage on shares of Align Technology in a report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average price target of $206.36.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.