Alignment Healthcare (NASDAQ:ALHC) Sets New 1-Year High – Here’s What Happened

Alignment Healthcare, Inc. (NASDAQ:ALHC) reached a new 52-week high during trading on Monday . The company traded as high as $17.99 and last traded at $17.52, with a volume of 4521 shares changing hands. The stock had previously closed at $17.61.

Analyst Ratings Changes

Several equities analysts have recently commented on ALHC shares. Barclays upped their price objective on shares of 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 stock an “overweight” rating in a research report on Tuesday, March 4th. Bank of America boosted their price objective on Alignment Healthcare from $15.50 to $18.50 and gave the company a “buy” rating in a report on Tuesday, March 4th. William Blair restated an “outperform” rating on shares of Alignment Healthcare in a report on Friday, February 28th. Finally, Stephens reiterated an “overweight” rating and set a $17.00 price target on shares of Alignment Healthcare in a research note on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.83.

Alignment Healthcare Stock Up 0.7 %

The firm has a market cap of $3.37 billion, a PE ratio of -22.84 and a beta of 1.49. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82. The firm has a 50 day moving average price of $15.06 and a 200-day moving average price of $12.84.

Insider Buying and Selling

In other Alignment Healthcare news, CEO John E. Kao sold 90,000 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $13.06, for a total value of $1,175,400.00. Following the sale, the chief executive officer now directly owns 2,273,100 shares in the company, valued at $29,686,686. This trade represents a 3.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andreas P. Wagner sold 7,632 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $16.40, for a total value of $125,164.80. Following the transaction, the insider now directly owns 223,474 shares of the company’s stock, valued at approximately $3,664,973.60. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,901,665 shares of company stock worth $29,141,513 over the last 90 days. 6.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Alignment Healthcare

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Verition Fund Management LLC lifted its holdings in shares of Alignment Healthcare by 85.3% in the 3rd quarter. Verition Fund Management LLC now owns 121,180 shares of the company’s stock valued at $1,432,000 after purchasing an additional 55,771 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Alignment Healthcare by 249.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,219 shares of the company’s stock valued at $3,407,000 after acquiring an additional 205,705 shares during the period. Principal Financial Group Inc. raised its position in Alignment Healthcare by 1,335.1% in the 3rd quarter. Principal Financial Group Inc. now owns 194,043 shares of the company’s stock valued at $2,294,000 after purchasing an additional 180,522 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Alignment Healthcare by 132.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 128,933 shares of the company’s stock worth $1,524,000 after purchasing an additional 73,402 shares during the period. Finally, Barclays PLC grew its position in Alignment Healthcare by 144.1% during the 3rd quarter. Barclays PLC now owns 193,446 shares of the company’s stock worth $2,287,000 after purchasing an additional 114,191 shares during the last quarter. 86.19% of the stock is owned by hedge funds and other institutional investors.

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.