Alignment Healthcare (NASDAQ:ALHC) Stock Gets Price Target Trim from UBS Group

Alignment Healthcare (NASDAQ:ALHC) had its price objective reduced by UBS Group from $9.00 to $8.00 in a research note published on Friday,Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also recently weighed in on ALHC. JPMorgan Chase & Co. decreased their price target on Alignment Healthcare from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday. Scotiabank set a $9.00 target price on shares of Alignment Healthcare in a report on Friday, October 9th. Raymond James Financial reiterated an “outperform” rating on shares of Alignment Healthcare in a research note on Monday, October 12th. William Blair cut shares of Alignment Healthcare from an “outperform” rating to a “market perform” rating in a report on Friday, October 9th. Finally, Weiss Ratings cut Alignment Healthcare from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.18.

Alignment Healthcare Stock Performance

Shares of ALHC stock opened at $7.27 on Friday. The company’s fifty day simple moving average is $9.87 and its two-hundred day simple moving average is $16.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.71 and a quick ratio of 1.71. Alignment Healthcare has a 1 year low of $6.01 and a 1 year high of $25.12. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 55.93 and a beta of 1.07.

Alignment Healthcare (NASDAQ:ALHC) last announced its quarterly earnings results on Thursday, October 29th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). Alignment Healthcare had a return on equity of 12.46% and a net margin of 0.59%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the business earned $0.02 earnings per share. The firm’s quarterly revenue was up 36.7% compared to the same quarter last year. As a group, analysts anticipate that Alignment Healthcare will post 0.14 earnings per share for the current year.

Insider Transactions at Alignment Healthcare

In related news, insider Hyong Kim sold 32,479 shares of the business’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 completion of the sale, the insider owned 299,271 shares in the company, valued at $2,483,949.30. The trade was a 9.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Joseph S. Konowiecki sold 23,511 shares of the company’s stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $8.61, for a total value of $202,429.71. Following the completion of the sale, the executive vice president directly owned 1,080,305 shares of the company’s stock, valued at approximately $9,301,426.05. This represents a 2.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,061,967 shares of company stock valued at $13,642,490 over the last quarter. 5.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alignment Healthcare

A number of hedge funds have recently made changes to their positions in ALHC. William Blair Investment Management LLC purchased a new position in Alignment Healthcare in the 2nd quarter worth $184,799,000. Danica Pension Livsforsikringsaktieselskab bought a new position in shares of Alignment Healthcare during the second quarter valued at about $87,794,000. Bank of New York Mellon Corp bought a new position in shares of Alignment Healthcare during the second quarter valued at about $87,077,000. Bank of America Corp DE lifted its stake in shares of Alignment Healthcare by 156.5% in the 1st quarter. Bank of America Corp DE now owns 3,215,667 shares of the company’s stock valued at $56,660,000 after acquiring an additional 1,961,778 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Alignment Healthcare by 276.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,458,400 shares of the company’s stock valued at $43,882,000 after acquiring an additional 1,805,752 shares during the last quarter. 86.19% of the stock is currently owned by 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.