Alignment Healthcare, Inc. (NASDAQ:ALHC) Stock Has Average Target Price of $19.18 According to Brokerages

Alignment Healthcare, Inc. (NASDAQ:ALHC) has received a consensus rating of “Moderate Buy” from the twelve brokerages that are covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $16.82.

ALHC has been the topic of a number of research reports. Weiss Ratings lowered shares of Alignment Healthcare from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, October 9th. Raymond James Financial reaffirmed an “outperform” rating on shares of Alignment Healthcare in a report on Monday. Zacks Research downgraded Alignment Healthcare from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Scotiabank set a $9.00 price objective on Alignment Healthcare in a research note on Friday, October 9th. Finally, Barclays reduced their price objective on Alignment Healthcare from $16.00 to $10.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 6th.

Insider Buying and Selling

In related news, insider Hyong Kim sold 32,479 shares of the firm’s stock in a transaction dated 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 $2,483,949.30. This trade represents a 9.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 that occurred on Thursday, September 17th. The stock was sold at an average price of $8.61, for a total transaction of $202,429.71. Following the sale, the executive vice president directly 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,061,967 shares of company stock worth $13,642,490 over the last ninety days. 5.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alignment Healthcare

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its holdings in Alignment Healthcare by 9.8% during the second quarter. Wellington Management Group LLP now owns 18,780,363 shares of the company’s stock valued at $447,160,000 after purchasing an additional 1,681,427 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Alignment Healthcare in the second quarter valued at about $184,799,000. Danica Pension Livsforsikringsaktieselskab acquired a new stake in shares of Alignment Healthcare in the second quarter valued at about $87,794,000. Bank of New York Mellon Corp acquired a new stake in shares of Alignment Healthcare in the second quarter valued at about $87,077,000. Finally, Bank of America Corp DE increased its stake in shares of Alignment Healthcare by 156.5% during the first quarter. Bank of America Corp DE now owns 3,215,667 shares of the company’s stock worth $56,660,000 after purchasing an additional 1,961,778 shares in the last quarter. Hedge funds and other institutional investors own 86.19% of the company’s stock.

Alignment Healthcare Price Performance

Shares of NASDAQ:ALHC opened at $8.15 on Friday. Alignment Healthcare has a twelve month low of $6.01 and a twelve month high of $25.12. The company’s 50 day moving average is $11.05 and its 200 day moving average is $16.37. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 1.22. The company has a market cap of $1.69 billion, a PE ratio of 42.90 and a beta of 1.14.

Alignment Healthcare (NASDAQ:ALHC) last posted 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. The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.31 billion. Alignment Healthcare had a net margin of 0.89% and a return on equity of 20.02%. Alignment Healthcare’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same period last year, the firm posted $0.07 EPS. On average, sell-side analysts forecast that Alignment Healthcare will post 0.14 EPS for the current year.

About Alignment Healthcare

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.