Alignment Healthcare (NASDAQ:ALHC) Shares Down 9% – Here’s Why

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) fell 9% during trading on Tuesday . The stock traded as low as $10.71 and last traded at $10.76. 320,465 shares traded hands during trading, a decline of 66% from the average session volume of 951,762 shares. The stock had previously closed at $11.82.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ALHC shares. Robert W. Baird boosted their price objective on shares of Alignment Healthcare from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Wednesday, August 14th. Piper Sandler restated an “overweight” rating and set a $10.00 price target (up from $8.00) on shares of Alignment Healthcare in a research note on Tuesday, August 6th. Stifel Nicolaus raised their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Barclays boosted their target price on Alignment Healthcare from $4.50 to $7.00 and gave the stock an “underweight” rating in a report on Monday, August 5th. Finally, TD Cowen raised their price target on shares of Alignment Healthcare from $8.00 to $10.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $9.83.

Alignment Healthcare Stock Down 3.5 %

The firm’s 50 day moving average price is $9.70 and its two-hundred day moving average price is $7.81. The firm has a market capitalization of $2.08 billion, a PE ratio of -12.96 and a beta of 1.43. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.70.

Alignment Healthcare (NASDAQ:ALHC) last announced its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.01. The company had revenue of $681.29 million during the quarter, compared to the consensus estimate of $637.66 million. Alignment Healthcare had a negative return on equity of 101.10% and a negative net margin of 6.85%. The company’s revenue was up 47.3% on a year-over-year basis. During the same period last year, the firm earned ($0.15) earnings per share. As a group, research analysts forecast that Alignment Healthcare, Inc. will post -0.67 EPS for the current fiscal year.

Insider Activity

In related news, CFO Robert Thomas Freeman sold 14,500 shares of Alignment Healthcare stock in a transaction on Friday, September 13th. The shares were sold at an average price of $12.00, for a total value of $174,000.00. Following the completion of the sale, the chief financial officer now owns 264,429 shares in the company, valued at $3,173,148. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Christopher J. Joyce sold 15,034 shares of Alignment Healthcare stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $9.05, for a total value of $136,057.70. Following the completion of the transaction, the insider now owns 406,912 shares in the company, valued at approximately $3,682,553.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Robert Thomas Freeman sold 14,500 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $12.00, for a total value of $174,000.00. Following the sale, the chief financial officer now directly owns 264,429 shares in the company, valued at $3,173,148. The disclosure for this sale can be found here. In the last three months, insiders sold 267,973 shares of company stock worth $2,671,391. 6.60% of the stock is currently owned by insiders.

Institutional Trading of Alignment Healthcare

Several institutional investors have recently added to or reduced their stakes in the business. Deerfield Management Company L.P. Series C raised its position in shares of Alignment Healthcare by 31.8% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company’s stock worth $85,250,000 after purchasing an additional 2,630,788 shares during the period. William Blair Investment Management LLC increased its position in Alignment Healthcare by 94.4% in the second quarter. William Blair Investment Management LLC now owns 3,104,681 shares of the company’s stock worth $24,279,000 after buying an additional 1,507,759 shares during the period. Hood River Capital Management LLC lifted its stake in Alignment Healthcare by 49.6% in the first quarter. Hood River Capital Management LLC now owns 2,920,836 shares of the company’s stock valued at $14,487,000 after buying an additional 968,637 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Alignment Healthcare by 16.8% during the second quarter. Renaissance Technologies LLC now owns 1,565,800 shares of the company’s stock valued at $12,245,000 after acquiring an additional 225,000 shares during the period. Finally, AQR Capital Management LLC bought a new position in shares of Alignment Healthcare during the second quarter worth about $1,512,000. Institutional investors 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.