Alignment Healthcare (NASDAQ:ALHC) Shares Climb 4% – Time to Buy?

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) traded up 4% during mid-day trading on Wednesday. The stock traded as high as $8.70 and last traded at $8.7050. 1,171,504 shares traded hands during trading, a decline of 78% from the average daily volume of 5,429,924 shares. The stock had previously closed at $8.37.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Weiss Ratings upgraded Alignment Healthcare from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, September 25th. Barclays reduced their price target on Alignment Healthcare from $16.00 to $10.00 and set an “equal weight” rating for the company in a research note on Tuesday. UBS Group reiterated a “neutral” rating on shares of Alignment Healthcare in a research report on Wednesday, July 8th. Wall Street Zen downgraded Alignment Healthcare from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Zacks Research cut shares of Alignment Healthcare from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Alignment Healthcare has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Alignment Healthcare Trading Up 1.9%

The company has a debt-to-equity ratio of 1.22, a current ratio of 1.70 and a quick ratio of 1.70. The business’s 50-day moving average price is $11.64 and its two-hundred day moving average price is $16.70. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of 45.84 and a beta of 1.14.

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

Insider Buying and Selling

In other news, insider Hyong Kim sold 32,479 shares of the stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $8.30, for a total transaction of $269,575.70. Following the sale, the insider directly owned 299,271 shares of the company’s stock, valued at approximately $2,483,949.30. This represents a 9.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Joseph Konowiecki sold 23,511 shares of the firm’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $8.61, for a total value of $202,429.71. Following the completion of the transaction, the executive vice president owned 1,080,305 shares in the company, valued at $9,301,426.05. The trade was a 2.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 1,061,967 shares of company stock valued at $13,642,490. Company insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

Several hedge funds have recently bought and sold shares of ALHC. William Blair Investment Management LLC bought a new position in shares of Alignment Healthcare in the 2nd quarter valued at $184,799,000. Danica Pension Livsforsikringsaktieselskab bought a new stake in shares of Alignment Healthcare during the 2nd quarter worth $87,794,000. Bank of New York Mellon Corp acquired a new stake in Alignment Healthcare in the second quarter valued at about $87,077,000. Bank of America Corp DE boosted its stake in Alignment Healthcare by 156.5% in the first quarter. Bank of America Corp DE now owns 3,215,667 shares of the company’s stock valued at $56,660,000 after buying an additional 1,961,778 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Alignment Healthcare by 276.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,458,400 shares of the company’s stock valued at $43,882,000 after acquiring an additional 1,805,752 shares during the last quarter. 86.19% of the stock is owned by institutional investors.

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.