Alignment Healthcare (NASDAQ:ALHC) Shares Gap Up on Analyst Upgrade

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares gapped up prior to trading on Tuesday after Stifel Nicolaus raised their price target on the stock from $18.00 to $23.00. The stock had previously closed at $17.82, but opened at $19.73. Stifel Nicolaus currently has a buy rating on the stock. Alignment Healthcare shares last traded at $20.59, with a volume of 760,612 shares trading hands.

Other equities research analysts also recently issued reports about the stock. Stephens reiterated an “overweight” rating and set a $17.00 price target on shares of Alignment Healthcare in a research report on Monday, February 24th. Barclays lifted their price objective on Alignment Healthcare from $8.00 to $9.00 and gave the stock an “underweight” rating in a report on Friday, February 28th. Piper Sandler raised their price target on Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, March 4th. Bank of America boosted their price objective on shares of Alignment Healthcare from $15.50 to $18.50 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Finally, William Blair restated an “outperform” rating on shares of Alignment Healthcare in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $15.39.

Insider Buying and Selling

In other Alignment Healthcare news, CEO John E. Kao sold 90,000 shares of Alignment Healthcare 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 transaction, the chief executive officer now directly owns 2,273,100 shares of the company’s stock, valued at $29,686,686. The trade was a 3.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Dawn Christine Maroney sold 30,000 shares of Alignment Healthcare stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $13.61, for a total transaction of $408,300.00. Following the transaction, the president now owns 1,606,097 shares in the company, valued at $21,858,980.17. The trade was a 1.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,981,855 shares of company stock valued at $30,590,612. Insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Alignment Healthcare

A number of hedge funds have recently bought and sold shares of ALHC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Alignment Healthcare by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,963 shares of the company’s stock valued at $641,000 after buying an additional 2,154 shares during the last quarter. Rhumbline Advisers grew its holdings in Alignment Healthcare by 2.2% during the 4th quarter. Rhumbline Advisers now owns 135,704 shares of the company’s stock worth $1,527,000 after acquiring an additional 2,937 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Alignment Healthcare by 5.6% in the 4th quarter. MetLife Investment Management LLC now owns 61,344 shares of the company’s stock worth $690,000 after purchasing an additional 3,256 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Alignment Healthcare by 2.8% in the 4th quarter. Alliancebernstein L.P. now owns 119,440 shares of the company’s stock valued at $1,344,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of Alignment Healthcare by 15.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 34,497 shares of the company’s stock worth $388,000 after purchasing an additional 4,497 shares during the last quarter. Institutional investors and hedge funds own 86.19% of the company’s stock.

Alignment Healthcare Stock Up 10.4 %

The stock has a 50 day moving average of $15.69 and a 200 day moving average of $13.29. The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of -25.60 and a beta of 1.32. 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 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.