Alignment Healthcare (NASDAQ:ALHC) Stock Rated “Hold” in New Coverage at Needham & Company LLC

Analysts at Needham & Company LLC started coverage on shares of Alignment Healthcare (NASDAQ:ALHC) in a report issued on Wednesday, Briefing.com reports. The brokerage set a “hold” rating on the stock.

Several other research firms also recently weighed in on ALHC. TD Cowen decreased their price target on shares of Alignment Healthcare from $21.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, October 12th. William Blair cut Alignment Healthcare from an “outperform” rating to a “market perform” rating in a research report on Friday, October 9th. Wall Street Zen cut shares of Alignment Healthcare from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Zacks Research cut Alignment Healthcare from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Weiss Ratings cut Alignment Healthcare from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, October 9th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Alignment Healthcare has a consensus rating of “Moderate Buy” and a consensus price target of $15.91.

Alignment Healthcare Trading Up 2.0%

ALHC stock opened at $8.05 on Wednesday. The stock has a market capitalization of $1.67 billion, a PE ratio of 42.37 and a beta of 1.14. Alignment Healthcare has a 12-month low of $6.01 and a 12-month high of $25.12. The stock’s 50 day simple moving average is $10.18 and its 200 day simple moving average is $17.02.

Alignment Healthcare (NASDAQ:ALHC) last posted its earnings results on Thursday, July 30th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.04. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the company posted $0.07 EPS. Alignment Healthcare’s revenue was up 31.6% on a year-over-year basis. On average, research analysts predict that Alignment Healthcare will post 0.14 earnings per share for the current year.

Insider Activity

In other Alignment Healthcare news, President Dawn Maroney sold 122,707 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $12.68, for a total transaction of $1,555,924.76. Following the completion of the transaction, the president owned 794,606 shares in the company, valued at $10,075,604.08. The trade was a 13.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Hyong Kim sold 32,479 shares of the firm’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $8.30, for a total value of $269,575.70. Following the sale, the insider directly owned 299,271 shares of the company’s stock, valued at $2,483,949.30. This represents a 9.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 1,061,967 shares of company stock worth $13,642,490. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in Alignment Healthcare by 9.8% during the 2nd quarter. Wellington Management Group LLP now owns 18,780,363 shares of the company’s stock valued at $447,160,000 after acquiring an additional 1,681,427 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in Alignment Healthcare in the second quarter worth about $184,799,000. Danica Pension Livsforsikringsaktieselskab purchased a new position in shares of Alignment Healthcare in the 2nd quarter valued at approximately $87,794,000. Bank of New York Mellon Corp purchased a new stake in Alignment Healthcare during the 2nd quarter worth approximately $87,077,000. Finally, Bank of America Corp DE grew its holdings in shares of Alignment Healthcare by 156.5% during the first quarter. Bank of America Corp DE now owns 3,215,667 shares of the company’s stock valued at $56,660,000 after buying an additional 1,961,778 shares during the last quarter. 86.19% of the stock is currently owned by hedge funds and other institutional investors.

Alignment Healthcare Company Profile

Alignment Healthcare, Inc is a technology-enabled health insurance company focused on providing Medicare Advantage plans for seniors. The company combines health plan coverage with care coordination and clinical services designed to help members manage chronic conditions, access providers and navigate the health care system.

Its offerings include Medicare Advantage plans, supplemental benefits and member support services. Alignment also uses its proprietary technology platform, including the Alignment Virtual Application (AVA), to support care teams, analyze health information and help deliver more personalized services to members.

Founded in 2013, Alignment Healthcare serves Medicare-eligible consumers in selected markets, including California, Florida, Nevada and North Carolina.