Align Technology, Inc. (NASDAQ:ALGN) Short Interest Up 27.4% in February

Align Technology, Inc. (NASDAQ:ALGN) was the recipient of a significant increase in short interest in the month of February. As of February 15th, there was short interest totalling 2,880,000 shares, an increase of 27.4% from the January 31st total of 2,260,000 shares. Currently, 4.1% of the company’s shares are sold short. Based on an average trading volume of 782,700 shares, the short-interest ratio is currently 3.7 days.

Align Technology Trading Down 1.3 %

Align Technology stock opened at $172.00 on Friday. Align Technology has a 12 month low of $167.32 and a 12 month high of $335.40. The stock’s 50 day moving average is $208.78 and its 200-day moving average is $221.83. The company has a market capitalization of $12.66 billion, a price-to-earnings ratio of 30.66, a PEG ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. As a group, equities research analysts predict that Align Technology will post 7.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ALGN. Wells Fargo & Company began coverage on Align Technology in a report on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target on the stock. Piper Sandler cut their price target on Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Evercore ISI boosted their price target on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $235.00 to $280.00 in a report on Monday, January 6th. Finally, Morgan Stanley cut their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $269.91.

Hedge Funds Weigh In On Align Technology

Several institutional investors and hedge funds have recently made changes to their positions in ALGN. True Wealth Design LLC grew its position in Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 107 shares in the last quarter. Picton Mahoney Asset Management lifted its stake in Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. bought a new stake in Align Technology during the fourth quarter worth $31,000. Neo Ivy Capital Management bought a new stake in Align Technology during the third quarter worth $32,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Align Technology during the fourth quarter worth $35,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.