Millennium Management LLC Grows Position in Alignment Healthcare, Inc. (NASDAQ:ALHC)

Millennium Management LLC boosted its stake in Alignment Healthcare, Inc. (NASDAQ:ALHC) by 588.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,388,602 shares of the company’s stock after buying an additional 2,896,311 shares during the quarter. Millennium Management LLC owned approximately 1.77% of Alignment Healthcare worth $38,122,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. raised its position in 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 buying an additional 205,705 shares during the last quarter. Barclays PLC raised its position in Alignment Healthcare by 144.1% in the 3rd quarter. Barclays PLC now owns 193,446 shares of the company’s stock valued at $2,287,000 after buying an additional 114,191 shares during the last quarter. US Bancorp DE raised its position in Alignment Healthcare by 6,544.2% in the 4th quarter. US Bancorp DE now owns 98,932 shares of the company’s stock valued at $1,113,000 after buying an additional 97,443 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Alignment Healthcare in the 4th quarter valued at $732,000. Finally, Proficio Capital Partners LLC purchased a new stake in Alignment Healthcare in the 4th quarter valued at $184,000. 86.19% of the stock is owned by hedge funds and other institutional investors.

Alignment Healthcare Stock Up 5.9%

ALHC stock opened at $15.78 on Friday. 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 capitalization of $3.12 billion, a price-to-earnings ratio of -20.49 and a beta of 1.32. Alignment Healthcare, Inc. has a fifty-two week low of $6.92 and a fifty-two week high of $21.06. The stock has a fifty day moving average of $17.31 and a 200-day moving average of $14.58.

Alignment Healthcare (NASDAQ:ALHC) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.07. The company had revenue of $926.93 million during the quarter, compared to the consensus estimate of $889.83 million. Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The firm’s quarterly revenue was up 47.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.25) EPS. As a group, equities research analysts predict that Alignment Healthcare, Inc. will post -0.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

ALHC has been the subject of a number of analyst reports. William Blair reissued an “outperform” rating on shares of Alignment Healthcare in a research report on Friday, February 28th. Piper Sandler raised their target price on Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, March 4th. Bank of America raised their target price on Alignment Healthcare from $15.50 to $18.50 and gave the company a “buy” rating in a research report on Tuesday, March 4th. UBS Group raised their target price on Alignment Healthcare from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. Finally, Robert W. Baird raised their target price on Alignment Healthcare from $17.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, April 15th. One research 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 company’s stock. According to data from MarketBeat.com, Alignment Healthcare currently has a consensus rating of “Moderate Buy” and an average price target of $17.17.

Insider Transactions at Alignment Healthcare

In other Alignment Healthcare news, President Dawn Christine Maroney sold 30,000 shares of Alignment Healthcare stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $14.87, for a total transaction of $446,100.00. Following the completion of the transaction, the president now owns 2,102,899 shares of the company’s stock, valued at $31,270,108.13. The trade was a 1.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert L. Scavo sold 2,864 shares of Alignment Healthcare stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $17.89, for a total value of $51,236.96. Following the transaction, the insider now directly owns 702,953 shares of the company’s stock, valued at $12,575,829.17. The trade was a 0.41% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,196,977 shares of company stock worth $35,453,111. 7.00% of the stock is owned by company insiders.

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.