Alignment Healthcare (NASDAQ:ALHC) Shares Gap Up After Insider Buying Activity

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC – Get Rating) gapped up before the market opened on Monday following insider buying activity. The stock had previously closed at $6.08, but opened at $6.36. Alignment Healthcare shares last traded at $6.56, with a volume of 239,120 shares traded.

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

Analyst Upgrades and Downgrades

Several research firms have commented on ALHC. TD Cowen lowered their price target on shares of Alignment Healthcare from $17.00 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, March 2nd. Piper Sandler lowered their price target on shares of Alignment Healthcare from $19.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, March 3rd. JPMorgan Chase & Co. lowered shares of Alignment Healthcare from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $22.00 to $12.00 in a research note on Thursday, February 23rd. The Goldman Sachs Group lowered their target price on shares of Alignment Healthcare from $21.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, March 3rd. Finally, Raymond James lowered shares of Alignment Healthcare from an “outperform” rating to a “market perform” rating in a research note on Monday, November 21st. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.64.

Alignment Healthcare Price Performance

The stock has a market capitalization of $1.19 billion, a PE ratio of -7.78 and a beta of 1.86. The stock’s 50 day moving average is $10.59 and its two-hundred day moving average is $11.96. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.37 and a current ratio of 2.37.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. purchased a new position in Alignment Healthcare in the 3rd quarter valued at about $32,000. UBS Group AG lifted its stake in Alignment Healthcare by 588.1% in the 3rd quarter. UBS Group AG now owns 4,459 shares of the company’s stock valued at $53,000 after buying an additional 3,811 shares in the last quarter. Sandia Investment Management LP acquired a new stake in Alignment Healthcare in the 3rd quarter valued at about $89,000. Quantbot Technologies LP raised its holdings in Alignment Healthcare by 220.8% in the 1st quarter. Quantbot Technologies LP now owns 11,227 shares of the company’s stock valued at $126,000 after acquiring an additional 7,727 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Alignment Healthcare by 34.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,093 shares of the company’s stock valued at $142,000 after acquiring an additional 3,112 shares during the last quarter. 83.49% of the stock is owned by hedge funds and other institutional investors.

About Alignment Healthcare

(Get Rating)

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.