Alignment Healthcare (NASDAQ:ALHC) Sees Large Volume Increase on Analyst Upgrade

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) saw an uptick in trading volume on Thursday after Barclays raised their price target on the stock from $7.00 to $8.00. Barclays currently has an underweight rating on the stock. 632,003 shares were traded during trading, a decline of 38% from the previous session’s volume of 1,019,669 shares.The stock last traded at $11.75 and had previously closed at $11.73.

A number of other analysts have also recently issued reports on the company. UBS Group increased their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the stock a “neutral” rating in a report on Wednesday. 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. KeyCorp started coverage on shares of Alignment Healthcare in a research note on Friday, October 11th. They issued a “sector weight” rating on the stock. TD Cowen boosted their price target on shares of Alignment Healthcare from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Finally, Stifel Nicolaus lifted their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.33.

Insiders Place Their Bets

In other Alignment Healthcare news, CFO Robert Thomas Freeman sold 36,197 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $12.04, for a total value of $435,811.88. Following the completion of the sale, the chief financial officer now owns 123,429 shares in the company, valued at $1,486,085.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other 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 value of $1,019,700.00. Following 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert Thomas Freeman sold 36,197 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $12.04, for a total value of $435,811.88. Following the sale, the chief financial officer now owns 123,429 shares of the company’s stock, valued at $1,486,085.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 354,287 shares of company stock worth $3,964,670. Company insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALHC. nVerses Capital LLC bought a new position in shares of Alignment Healthcare during the third quarter worth $95,000. Virtu Financial LLC bought a new position in shares of Alignment Healthcare during the 1st quarter valued at about $57,000. Principal Financial Group Inc. purchased a new position in shares of Alignment Healthcare during the first quarter valued at about $57,000. Creative Planning increased its holdings in shares of Alignment Healthcare by 20.0% in the third quarter. Creative Planning now owns 12,442 shares of the company’s stock worth $147,000 after purchasing an additional 2,072 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its position in shares of Alignment Healthcare by 110.0% in the second quarter. Mackenzie Financial Corp now owns 36,526 shares of the company’s stock worth $286,000 after buying an additional 19,129 shares in the last quarter. 86.19% of the stock is currently owned by institutional investors.

Alignment Healthcare Stock Up 4.4 %

The business has a 50-day moving average of $10.82 and a 200 day moving average of $8.79. The company has a market capitalization of $2.48 billion, a PE ratio of -16.82 and a beta of 1.47. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.60 and a quick ratio of 1.61.

Alignment Healthcare (NASDAQ:ALHC) last posted its earnings results on Tuesday, October 29th. The company reported ($0.14) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.14). The firm had revenue of $692.43 million during the quarter, compared to analyst estimates of $662.11 million. Alignment Healthcare had a negative net margin of 5.84% and a negative return on equity of 108.69%. Alignment Healthcare’s revenue for the quarter was up 51.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.19) earnings per share. Equities research analysts predict that Alignment Healthcare, Inc. will post -0.68 earnings per share for the current year.

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.