JPMorgan Chase & Co. Increases Alignment Healthcare (NASDAQ:ALHC) Price Target to $23.00

Alignment Healthcare (NASDAQ:ALHC) had its price target upped by equities researchers at JPMorgan Chase & Co. from $20.00 to $23.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 12.03% from the company’s current price.

ALHC has been the topic of several other research reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $22.00 target price on shares of Alignment Healthcare in a research note on Monday, November 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Alignment Healthcare in a report on Wednesday, October 8th. KeyCorp reiterated an “overweight” rating on shares of Alignment Healthcare in a research note on Monday, November 24th. Barclays increased their target price on shares of Alignment Healthcare from $13.00 to $18.00 and gave the company an “equal weight” rating in a research report on Friday, October 31st. Finally, Wall Street Zen raised shares of Alignment Healthcare from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.35.

Alignment Healthcare Stock Up 2.5%

ALHC stock traded up $0.50 during trading on Wednesday, hitting $20.53. 1,002,049 shares of the company’s stock traded hands, compared to its average volume of 3,029,211. The firm has a market capitalization of $4.11 billion, a P/E ratio of -171.06 and a beta of 1.16. Alignment Healthcare has a 1 year low of $10.18 and a 1 year high of $21.06. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.99. The business has a fifty day simple moving average of $17.77 and a two-hundred day simple moving average of $15.91.

Alignment Healthcare (NASDAQ:ALHC) last posted its earnings results on Thursday, October 30th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. Alignment Healthcare had a negative return on equity of 16.23% and a negative net margin of 0.57%.The company had revenue of $993.70 million during the quarter, compared to analyst estimates of $980.90 million. During the same quarter in the prior year, the business earned ($0.14) earnings per share. Alignment Healthcare’s revenue was up 43.5% on a year-over-year basis. Sell-side analysts anticipate that Alignment Healthcare will post -0.69 EPS for the current year.

Insider Activity at Alignment Healthcare

In related news, CEO John E. Kao sold 180,000 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $19.02, for a total value of $3,423,600.00. Following the completion of the transaction, the chief executive officer directly owned 2,346,726 shares in the company, valued at $44,634,728.52. The trade was a 7.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Sebastian Burzacchi sold 12,585 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $19.26, for a total transaction of $242,387.10. Following the completion of the transaction, the chief operating officer owned 237,793 shares of the company’s stock, valued at approximately $4,579,893.18. This trade represents a 5.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 842,157 shares of company stock worth $15,187,475 in the last three months. Company insiders own 6.60% of the company’s stock.

Institutional Trading of Alignment Healthcare

A number of institutional investors and hedge funds have recently modified their holdings of ALHC. Wellington Management Group LLP increased its stake in Alignment Healthcare by 167.3% during the 3rd quarter. Wellington Management Group LLP now owns 11,089,727 shares of the company’s stock worth $193,516,000 after buying an additional 6,940,277 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Alignment Healthcare by 122.3% in the second quarter. Invesco Ltd. now owns 4,170,529 shares of the company’s stock worth $58,387,000 after acquiring an additional 2,294,739 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Alignment Healthcare by 13.2% in the first quarter. Vanguard Group Inc. now owns 11,113,896 shares of the company’s stock worth $206,941,000 after acquiring an additional 1,295,825 shares during the last quarter. Marshall Wace LLP increased its position in shares of Alignment Healthcare by 173.3% during the second quarter. Marshall Wace LLP now owns 2,039,714 shares of the company’s stock worth $28,556,000 after purchasing an additional 1,293,416 shares in the last quarter. Finally, Voya Investment Management LLC raised its stake in Alignment Healthcare by 61.0% in the 3rd quarter. Voya Investment Management LLC now owns 3,196,297 shares of the company’s stock valued at $55,775,000 after purchasing an additional 1,210,930 shares during the last quarter. Hedge funds and other institutional investors own 86.19% of the company’s stock.

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.