American International Group Inc. Cuts Stake in Alignment Healthcare, Inc. (NASDAQ:ALHC)

American International Group Inc. reduced its stake in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) by 13.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,965 shares of the company’s stock after selling 6,508 shares during the quarter. American International Group Inc.’s holdings in Alignment Healthcare were worth $236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. UBS Group AG grew its holdings in Alignment Healthcare by 588.1% during 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. Bessemer Group Inc. purchased a new stake in Alignment Healthcare during the 1st quarter valued at approximately $30,000. Quantbot Technologies LP grew its holdings in Alignment Healthcare by 220.8% during the 1st quarter. Quantbot Technologies LP now owns 11,227 shares of the company’s stock valued at $126,000 after buying an additional 7,727 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Alignment Healthcare during the 2nd quarter valued at approximately $150,000. Finally, SG Americas Securities LLC grew its holdings in Alignment Healthcare by 46.6% during the 1st quarter. SG Americas Securities LLC now owns 13,358 shares of the company’s stock valued at $85,000 after buying an additional 4,246 shares in the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on ALHC shares. Bank of America downgraded Alignment Healthcare from a “buy” rating to a “neutral” rating and lowered their target price for the company from $7.50 to $7.25 in a research report on Thursday, November 2nd. Stephens started coverage on Alignment Healthcare in a research report on Wednesday, October 11th. They set an “equal weight” rating and a $9.00 target price for the company. Raymond James upgraded Alignment Healthcare from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $9.00 to $10.00 in a research report on Monday, October 16th. Finally, Morgan Stanley lowered their target price on Alignment Healthcare from $19.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, August 30th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $10.23.

Alignment Healthcare Stock Up 2.3 %

Shares of ALHC opened at $6.69 on Tuesday. The company has a market cap of $1.27 billion, a PE ratio of -7.87 and a beta of 1.40. The business has a fifty day moving average of $6.69 and a 200 day moving average of $6.36. Alignment Healthcare, Inc. has a 52-week low of $4.88 and a 52-week high of $13.44. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.85.

Insider Buying and Selling

In related news, insider Christopher J. Joyce sold 15,474 shares of the firm’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $5.20, for a total value of $80,464.80. Following the completion of the sale, the insider now directly owns 267,834 shares in the company, valued at $1,392,736.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Christopher J. Joyce sold 15,474 shares of Alignment Healthcare stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $5.20, for a total transaction of $80,464.80. Following the completion of the sale, the insider now directly owns 267,834 shares in the company, valued at $1,392,736.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Joseph S. Konowiecki sold 4,898 shares of Alignment Healthcare stock in a transaction on Friday, November 10th. The stock was sold at an average price of $5.90, for a total value of $28,898.20. Following the sale, the chairman now owns 1,188,221 shares of the company’s stock, valued at $7,010,503.90. The disclosure for this sale can be found here. Insiders sold a total of 26,372 shares of company stock worth $157,363 over the last three months. 6.30% of the stock is owned by insiders.

Alignment Healthcare Profile

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, Arizona, Florida, and Texas.