Align Technology (NASDAQ:ALGN) Reaches New 1-Year Low – Here’s What Happened

Align Technology, Inc. (NASDAQ:ALGN)’s share price hit a new 52-week low on Monday . The company traded as low as $162.56 and last traded at $164.52, with a volume of 520418 shares traded. The stock had previously closed at $173.75.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company initiated coverage on shares of Align Technology in a research note on Friday, February 14th. They set an “overweight” rating and a $255.00 target price on the stock. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Piper Sandler cut their price objective on Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Bank of America increased their target price on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Finally, Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $235.00 to $280.00 in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $269.91.

Align Technology Stock Performance

The firm has a market capitalization of $12.03 billion, a PE ratio of 29.12, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. The stock’s 50 day simple moving average is $208.02 and its two-hundred day simple moving average is $221.19.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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%. Equities research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Align Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Empirical Finance LLC boosted its stake in shares of Align Technology by 2.1% in the third quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock valued at $632,000 after purchasing an additional 50 shares during the period. Covestor Ltd grew its stake in shares of Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock worth $87,000 after acquiring an additional 53 shares in the last quarter. Picton Mahoney Asset Management increased its position in shares of 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 acquiring an additional 58 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Align Technology by 9.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock valued at $158,000 after acquiring an additional 64 shares in the last quarter. Finally, Beech Hill Advisors Inc. boosted its holdings in Align Technology by 0.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock valued at $2,425,000 after purchasing an additional 65 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.