Align Technology, Inc. (NASDAQ:ALGN) Short Interest Up 5.1% in December

Align Technology, Inc. (NASDAQ:ALGN) saw a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 2,660,000 shares, an increase of 5.1% from the November 30th total of 2,530,000 shares. Approximately 3.8% of the company’s stock are sold short. Based on an average daily volume of 795,000 shares, the days-to-cover ratio is currently 3.3 days.

Align Technology Stock Performance

Shares of ALGN opened at $208.51 on Thursday. Align Technology has a 52 week low of $196.09 and a 52 week high of $335.40. The firm has a market capitalization of $15.57 billion, a P/E ratio of 35.58, a P/E/G ratio of 6.20 and a beta of 1.66. The company has a 50-day simple moving average of $222.11 and a 200-day simple moving average of $230.39.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.62 EPS. As a group, equities analysts forecast that Align Technology will post 7.45 earnings per share for the current year.

Institutional Investors Weigh In On Align Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP boosted its position in shares of Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock valued at $31,000 after acquiring an additional 44 shares in the last quarter. Empirical Finance LLC boosted its holdings in Align Technology by 2.1% during the third quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock valued at $632,000 after purchasing an additional 50 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Align Technology by 0.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock valued at $2,143,000 after purchasing an additional 54 shares during the period. Lake Street Advisors Group LLC raised its holdings in shares of Align Technology by 5.6% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock worth $265,000 after buying an additional 55 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its position in shares of Align Technology by 8.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 687 shares of the medical equipment provider’s stock worth $166,000 after buying an additional 56 shares during the period. Institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

ALGN has been the subject of a number of recent research reports. Mizuho began coverage on shares of Align Technology in a report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. Bank of America upped their price target on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Piper Sandler decreased their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Finally, Morgan Stanley lowered their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Align Technology currently has an average rating of “Hold” and a consensus target price of $271.20.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.