Alignment Healthcare (NASDAQ:ALHC) Trading Down 5.1% – Here’s What Happened

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) dropped 5.1% on Friday . The stock traded as low as $11.53 and last traded at $11.58. Approximately 960,063 shares were traded during trading, a decline of 17% from the average daily volume of 1,161,679 shares. The stock had previously closed at $12.20.

Wall Street Analysts Forecast Growth

ALHC has been the topic of several analyst reports. KeyCorp assumed coverage on Alignment Healthcare in a report on Friday, October 11th. They set a “sector weight” rating on the stock. Barclays raised their price objective on Alignment Healthcare from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Wednesday, October 30th. UBS Group raised their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Robert W. Baird increased their target price on Alignment Healthcare from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. Finally, Stephens upgraded Alignment Healthcare from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $13.00 to $17.00 in a research report on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.44.

Alignment Healthcare Stock Performance

The firm has a market cap of $2.20 billion, a PE ratio of -15.84 and a beta of 1.42. The company has a 50-day simple moving average of $11.93 and a two-hundred day simple moving average of $9.91. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82.

Alignment Healthcare (NASDAQ:ALHC) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.14). Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The company had revenue of $692.43 million for the quarter, compared to analyst estimates of $662.11 million. During the same period in the previous year, the company posted ($0.19) EPS. The firm’s revenue for the quarter was up 51.6% compared to the same quarter last year. As a group, equities research analysts forecast that Alignment Healthcare, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Alignment Healthcare

In related news, CEO John E. Kao sold 90,000 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $11.33, for a total transaction of $1,019,700.00. Following the completion of the transaction, the chief executive officer now directly owns 2,543,100 shares in the company, valued at $28,813,323. The trade was a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert Thomas Freeman sold 8,561 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $10.01, for a total value of $85,695.61. Following the transaction, the chief financial officer now owns 399,429 shares of the company’s stock, valued at approximately $3,998,284.29. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 540,483 shares of company stock worth $6,513,528. 6.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alignment Healthcare

A number of hedge funds and other institutional investors have recently modified their holdings of ALHC. Vanguard Group Inc. raised its position in Alignment Healthcare by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 9,239,472 shares of the company’s stock valued at $45,828,000 after purchasing an additional 93,262 shares during the last quarter. Virtu Financial LLC purchased a new stake in Alignment Healthcare during the 1st quarter valued at $57,000. Bank of New York Mellon Corp boosted its stake in Alignment Healthcare by 27.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 382,462 shares of the company’s stock valued at $2,991,000 after purchasing an additional 82,559 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Alignment Healthcare by 18.1% during the 2nd quarter. Principal Financial Group Inc. now owns 13,521 shares of the company’s stock valued at $106,000 after purchasing an additional 2,077 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in Alignment Healthcare by 13.3% during the 2nd quarter. Rhumbline Advisers now owns 137,296 shares of the company’s stock valued at $1,074,000 after purchasing an additional 16,083 shares during the last quarter. 86.19% of the stock is currently owned by hedge funds and other institutional investors.

Alignment Healthcare Company Profile

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.