Alignment Healthcare (NASDAQ:ALHC) Trading Up 3.8% – Here’s Why

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares were up 3.8% on Thursday . The stock traded as high as $18.67 and last traded at $18.52. Approximately 771,336 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 1,520,045 shares. The stock had previously closed at $17.85.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ALHC shares. William Blair reiterated an “outperform” rating on shares of Alignment Healthcare in a research report on Friday, February 28th. Bank of America boosted their target price on Alignment Healthcare from $15.50 to $18.50 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Piper Sandler raised their price target on Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, March 4th. Stifel Nicolaus boosted their price objective on Alignment Healthcare from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Finally, Stephens restated an “overweight” rating and set a $17.00 target price on shares of Alignment Healthcare in a research report on Monday, February 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $14.83.

Alignment Healthcare Trading Up 3.7 %

The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of -24.04 and a beta of 1.49. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. The company’s fifty day simple moving average is $15.50 and its two-hundred day simple moving average is $13.14.

Insiders Place Their Bets

In other Alignment Healthcare news, CEO John E. Kao sold 90,000 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $13.06, for a total transaction of $1,175,400.00. Following the sale, the chief executive officer now directly owns 2,273,100 shares in the company, valued at approximately $29,686,686. This trade represents a 3.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Christopher J. Joyce sold 25,000 shares of Alignment Healthcare stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.47, for a total transaction of $461,750.00. Following the completion of the transaction, the insider now directly owns 415,022 shares in the company, valued at approximately $7,665,456.34. The trade was a 5.68 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,981,855 shares of company stock worth $30,590,612. Corporate insiders own 6.60% of the company’s stock.

Institutional Trading of Alignment Healthcare

Several hedge funds and other institutional investors have recently modified their holdings of ALHC. Verition Fund Management LLC grew its position in Alignment Healthcare by 85.3% in the third quarter. Verition Fund Management LLC now owns 121,180 shares of the company’s stock valued at $1,432,000 after purchasing an additional 55,771 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Alignment Healthcare by 249.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,219 shares of the company’s stock valued at $3,407,000 after acquiring an additional 205,705 shares during the period. Principal Financial Group Inc. lifted its position in Alignment Healthcare by 1,335.1% during the third quarter. Principal Financial Group Inc. now owns 194,043 shares of the company’s stock worth $2,294,000 after acquiring an additional 180,522 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Alignment Healthcare by 132.2% during the third quarter. The Manufacturers Life Insurance Company now owns 128,933 shares of the company’s stock worth $1,524,000 after acquiring an additional 73,402 shares during the period. Finally, Barclays PLC grew its position in shares of Alignment Healthcare by 144.1% in the third quarter. Barclays PLC now owns 193,446 shares of the company’s stock valued at $2,287,000 after purchasing an additional 114,191 shares during the last quarter. Institutional investors and hedge funds own 86.19% of the company’s stock.

About Alignment Healthcare

Alignment Healthcare, Inc, a tech-enabled Medicare advantage company, operates consumer-centric health care platform for seniors in the United States. It provides customized health care designed to meet the needs of a diverse array of seniors through its Medicare advantage plans. The company was founded in 2013 and is based in Orange, California.