Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down – Here’s Why

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) gapped down prior to trading on Thursday . The stock had previously closed at $13.90, but opened at $13.60. Alignment Healthcare shares last traded at $13.92, with a volume of 111,699 shares trading hands.

Analysts Set New Price Targets

ALHC has been the subject of several analyst reports. KeyCorp initiated coverage on shares of Alignment Healthcare in a research note on Friday, October 11th. They issued a “sector weight” rating for the company. Stephens reissued an “overweight” rating and issued a $17.00 target price on shares of Alignment Healthcare in a research note on Thursday, January 2nd. Barclays boosted their target price on shares of Alignment Healthcare from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Wednesday, October 30th. UBS Group boosted their target price on shares of Alignment Healthcare from $9.00 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Stifel Nicolaus upped their price objective on shares of Alignment Healthcare from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.88.

Alignment Healthcare Stock Performance

The company has a 50 day moving average price of $11.94 and a 200 day moving average price of $10.76. The company has a market capitalization of $2.79 billion, a PE ratio of -18.94 and a beta of 1.45. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.60 and a current ratio of 1.60.

Alignment Healthcare (NASDAQ:ALHC) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.14) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.14). Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The firm had revenue of $692.43 million for the quarter, compared to analysts’ expectations of $662.11 million. During the same period last year, the business posted ($0.19) earnings per share. The firm’s revenue for the quarter was up 51.6% on a year-over-year basis. Equities analysts forecast that Alignment Healthcare, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other Alignment Healthcare news, CFO Robert Thomas Freeman sold 4,483 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $12.01, for a total value of $53,840.83. Following the sale, the chief financial officer now directly owns 159,626 shares of the company’s stock, valued at $1,917,108.26. This trade represents a 2.73 % 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. Also, CEO John E. Kao sold 90,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $13.42, for a total value of $1,207,800.00. Following the transaction, the chief executive officer now directly owns 2,453,100 shares in the company, valued at $32,920,602. This trade represents a 3.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 539,224 shares of company stock worth $6,808,290 over the last ninety days. 6.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Verition Fund Management LLC increased its holdings in shares of Alignment Healthcare by 85.3% during the third 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 period. The Manufacturers Life Insurance Company increased its holdings in shares of Alignment Healthcare by 132.2% during the third quarter. The Manufacturers Life Insurance Company now owns 128,933 shares of the company’s stock valued at $1,524,000 after purchasing an additional 73,402 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Alignment Healthcare by 1,335.1% during the third 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 period. Barclays PLC increased its holdings in shares of Alignment Healthcare by 144.1% during the third quarter. Barclays PLC now owns 193,446 shares of the company’s stock valued at $2,287,000 after purchasing an additional 114,191 shares during the period. Finally, Deerfield Management Company L.P. Series C increased its holdings in shares of Alignment Healthcare by 31.8% during the second quarter. Deerfield Management Company L.P. Series C now owns 10,901,485 shares of the company’s stock valued at $85,250,000 after purchasing an additional 2,630,788 shares during the period. 86.19% of the stock is owned by institutional investors and hedge funds.

Alignment Healthcare Company Profile

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.