Alignment Healthcare (NASDAQ:ALHC) Stock Price Up 5.6% – Should You Buy?

Alignment Healthcare, Inc. (NASDAQ:ALHC) shot up 5.6% during trading on Thursday . The stock traded as high as $19.72 and last traded at $19.58. 474,212 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 1,608,018 shares. The stock had previously closed at $18.54.

Analyst Ratings Changes

Several research firms have issued reports on ALHC. Stifel Nicolaus raised their price target on shares of Alignment Healthcare from $18.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday. Bank of America boosted their price target on Alignment Healthcare from $15.50 to $18.50 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Piper Sandler raised their price objective on Alignment Healthcare from $14.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 4th. JPMorgan Chase & Co. boosted their price objective on Alignment Healthcare from $14.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, March 6th. Finally, William Blair reaffirmed an “outperform” rating on shares of Alignment Healthcare in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, three have given 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.com, the stock has an average rating of “Moderate Buy” and an average price target of $15.39.

Alignment Healthcare Price Performance

The company’s 50 day moving average price is $16.14 and its 200 day moving average price is $13.59. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.60 and a current ratio of 1.60. The company has a market cap of $3.79 billion, a price-to-earnings ratio of -25.64 and a beta of 1.32.

Insider Buying and Selling at Alignment Healthcare

In related news, insider Robert L. Scavo sold 2,864 shares of Alignment Healthcare stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $17.89, for a total transaction of $51,236.96. Following the transaction, the insider now owns 702,953 shares of the company’s stock, valued at $12,575,829.17. This trade represents a 0.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher J. Joyce sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.47, for a total transaction of $461,750.00. Following the transaction, the insider now owns 415,022 shares of the company’s stock, valued at approximately $7,665,456.34. This represents a 5.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,981,855 shares of company stock worth $30,590,612 over the last ninety days. Corporate insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

A number of hedge funds and other institutional investors have recently made changes to their positions in ALHC. R Squared Ltd bought a new stake in Alignment Healthcare during the 4th quarter worth approximately $55,000. RiverPark Advisors LLC acquired a new position in shares of Alignment Healthcare in the fourth quarter valued at approximately $106,000. Tower Research Capital LLC TRC increased its position in shares of Alignment Healthcare by 146.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,571 shares of the company’s stock worth $119,000 after acquiring an additional 6,286 shares in the last quarter. Ballentine Partners LLC acquired a new stake in shares of Alignment Healthcare during the fourth quarter worth $121,000. Finally, Aigen Investment Management LP bought a new stake in Alignment Healthcare in the 4th quarter valued at $129,000. 86.19% of the stock is owned by 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.