Alignment Healthcare (NASDAQ:ALHC) Shares Up 3% – Here’s What Happened

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares rose 3% on Tuesday . The stock traded as high as $16.43 and last traded at $16.57. Approximately 520,448 shares were traded during trading, a decline of 63% from the average daily volume of 1,399,858 shares. The stock had previously closed at $16.09.

Wall Street Analysts Forecast Growth

ALHC has been the subject of several analyst reports. William Blair reissued an “outperform” rating on shares of Alignment Healthcare in a research report on Friday, February 28th. Bank of America increased their price target on shares of Alignment Healthcare from $15.50 to $18.50 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. JPMorgan Chase & Co. increased their price target on shares of Alignment Healthcare from $14.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, March 6th. Barclays raised their price objective on shares of Alignment Healthcare from $8.00 to $9.00 and gave the company an “underweight” rating in a research note on Friday, February 28th. Finally, Piper Sandler raised their price target on shares of Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Alignment Healthcare presently has a consensus rating of “Moderate Buy” and an average target price of $14.83.

Alignment Healthcare Stock Performance

The stock has a market cap of $3.25 billion, a P/E ratio of -21.81 and a beta of 1.49. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.60 and a quick ratio of 1.60. The firm’s 50-day moving average price is $14.48 and its 200-day moving average price is $12.51.

Insider Buying and Selling

In other Alignment Healthcare news, CEO John E. Kao sold 90,000 shares of the business’s stock in a transaction 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 owns 2,273,100 shares in the company, valued at $29,686,686. The trade was a 3.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andreas P. Wagner sold 14,878 shares of the business’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $14.38, for a total transaction of $213,945.64. Following the transaction, the insider now owns 200,885 shares in the company, valued at $2,888,726.30. This trade represents a 6.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,829,454 shares of company stock worth $27,936,991. Insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ALHC. R Squared Ltd bought a new position in Alignment Healthcare in the fourth quarter worth about $55,000. RiverPark Advisors LLC acquired a new position in shares of Alignment Healthcare during the fourth quarter valued at about $106,000. Tower Research Capital LLC TRC increased its holdings 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 valued at $119,000 after acquiring an additional 6,286 shares in the last quarter. Ballentine Partners LLC acquired a new position in Alignment Healthcare in the 4th quarter worth approximately $121,000. Finally, Aigen Investment Management LP acquired a new position in Alignment Healthcare in the 4th quarter worth approximately $129,000. Institutional investors own 86.19% of the company’s stock.

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.