Alignment Healthcare (NASDAQ:ALHC) Price Target Raised to $8.00 at Barclays

Alignment Healthcare (NASDAQ:ALHC) had its price target lifted by equities research analysts at Barclays from $7.00 to $8.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Barclays‘s price target points to a potential downside of 30.13% from the stock’s current price.

Other analysts have also recently issued reports about the stock. TD Cowen upped their target price on shares of Alignment Healthcare to $10.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group upped their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the stock a “neutral” rating in a research note on Wednesday. KeyCorp assumed coverage on Alignment Healthcare in a research report on Friday, October 11th. They set a “sector weight” rating on the stock. Stifel Nicolaus upped their price target on Alignment Healthcare from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Robert W. Baird raised their price objective on Alignment Healthcare from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.33.

Alignment Healthcare Stock Performance

ALHC traded down $0.26 during mid-day trading on Wednesday, reaching $11.45. 294,600 shares of the company traded hands, compared to its average volume of 1,010,727. The stock has a market capitalization of $2.19 billion, a P/E ratio of -13.76 and a beta of 1.47. Alignment Healthcare has a 52-week low of $4.46 and a 52-week high of $12.36. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.70. The company’s fifty day moving average price is $10.62 and its 200-day moving average price is $8.69.

Alignment Healthcare (NASDAQ:ALHC) last posted its earnings results on Tuesday, October 29th. The company reported ($0.14) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.14). Alignment Healthcare had a negative return on equity of 101.10% and a negative net margin of 6.85%. The company had revenue of $692.43 million for the quarter, compared to the consensus estimate of $662.11 million. During the same quarter in the prior year, the company earned ($0.19) earnings per share. Alignment Healthcare’s revenue was up 51.6% on a year-over-year basis. On average, sell-side analysts expect that Alignment Healthcare will post -0.67 EPS for the current year.

Insider Buying and Selling

In other news, insider Dawn Christine Maroney sold 30,000 shares of Alignment Healthcare stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $10.77, for a total transaction of $323,100.00. Following the sale, the insider now owns 1,726,097 shares in the company, valued at $18,590,064.69. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Alignment Healthcare news, CFO Robert Thomas Freeman sold 39,320 shares of the stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $12.04, for a total transaction of $473,412.80. Following the completion of the transaction, the chief financial officer now owns 194,609 shares of the company’s stock, valued at $2,343,092.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dawn Christine Maroney sold 30,000 shares of Alignment Healthcare stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $10.77, for a total value of $323,100.00. Following the completion of the sale, the insider now directly owns 1,726,097 shares in the company, valued at $18,590,064.69. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 314,940 shares of company stock valued at $3,487,014. Corporate insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

Institutional investors have recently added to or reduced their stakes in the company. Deerfield Management Company L.P. Series C increased its position in Alignment Healthcare by 31.8% in the second quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company’s stock worth $85,250,000 after purchasing an additional 2,630,788 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Alignment Healthcare by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 9,239,472 shares of the company’s stock worth $45,828,000 after buying an additional 93,262 shares during the last quarter. Hood River Capital Management LLC raised its position in shares of Alignment Healthcare by 6.4% during the 2nd quarter. Hood River Capital Management LLC now owns 3,106,690 shares of the company’s stock valued at $24,294,000 after buying an additional 185,854 shares in the last quarter. William Blair Investment Management LLC grew its position in Alignment Healthcare by 94.4% in the second quarter. William Blair Investment Management LLC now owns 3,104,681 shares of the company’s stock worth $24,279,000 after acquiring an additional 1,507,759 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Alignment Healthcare by 16.8% during the second quarter. Renaissance Technologies LLC now owns 1,565,800 shares of the company’s stock worth $12,245,000 after acquiring an additional 225,000 shares during the last quarter. Hedge funds and other institutional investors own 86.19% of the company’s stock.

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.