Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down to $9.94

Alignment Healthcare, Inc. (NASDAQ:ALHC – Get Rating)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $9.94, but opened at $8.50. Alignment Healthcare shares last traded at $8.83, with a volume of 388,534 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ALHC. Raymond James lowered Alignment Healthcare from an “outperform” rating to a “market perform” rating in a report on Monday, November 21st. TD Cowen reduced their price objective on Alignment Healthcare from $17.00 to $10.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. downgraded Alignment Healthcare from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $22.00 to $12.00 in a research report on Thursday, February 23rd. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.91.

Alignment Healthcare Price Performance

The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -9.02 and a beta of 1.86. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.59. The business has a 50-day simple moving average of $11.25 and a two-hundred day simple moving average of $12.42.

Insiders Place Their Bets

In other Alignment Healthcare news, insider Dawn Christine Maroney sold 5,000 shares of the company’s stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $12.54, for a total value of $62,700.00. Following the transaction, the insider now owns 1,965,692 shares of the company’s stock, valued at $24,649,777.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Alignment Healthcare news, insider Dawn Christine Maroney sold 5,000 shares of the company’s stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $12.54, for a total value of $62,700.00. Following the transaction, the insider now owns 1,965,692 shares of the company’s stock, valued at $24,649,777.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dinesh M. Kumar sold 9,000 shares of the company’s stock in a transaction on Friday, January 13th. The shares were sold at an average price of $12.09, for a total value of $108,810.00. Following the completion of the transaction, the insider now directly owns 1,117,226 shares in the company, valued at approximately $13,507,262.34. The disclosure for this sale can be found here. Insiders sold 21,100 shares of company stock worth $257,888 over the last ninety days. Company insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ALHC. Durable Capital Partners LP raised its stake in Alignment Healthcare by 2,079.2% during the 1st quarter. Durable Capital Partners LP now owns 5,908,220 shares of the company’s stock valued at $66,349,000 after purchasing an additional 5,637,102 shares during the period. Marshall Wace LLP acquired a new stake in Alignment Healthcare during the 3rd quarter valued at $34,129,000. Vanguard Group Inc. raised its stake in Alignment Healthcare by 25.1% during the 3rd quarter. Vanguard Group Inc. now owns 8,117,393 shares of the company’s stock valued at $96,111,000 after purchasing an additional 1,626,831 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in Alignment Healthcare by 15.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,470,181 shares of the company’s stock valued at $99,610,000 after purchasing an additional 1,108,973 shares during the period. Finally, BlackRock Inc. raised its stake in Alignment Healthcare by 21.8% during the 3rd quarter. BlackRock Inc. now owns 5,698,621 shares of the company’s stock valued at $67,471,000 after purchasing an additional 1,020,637 shares during the period. Institutional investors own 83.49% of the company’s stock.

About Alignment Healthcare

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Alignment Healthcare, Inc, a tech-enabled Medicare advantage company, operates consumer-centric health care platform. It provides customized health care in the United States to seniors and those who need it through its Medicare advantage plans. The company owns Medicare advantage plans in the states of California, North Carolina, Nevada, and Arizona.