Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down After Insider Selling

Alignment Healthcare, Inc. (NASDAQ:ALHC)’s share price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $19.48, but opened at $17.40. Alignment Healthcare shares last traded at $16.64, with a volume of 1,172,478 shares.

Specifically, CEO John E. Kao sold 90,000 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $19.10, for a total value of $1,719,000.00. Following the sale, the chief executive officer now owns 2,003,100 shares of the company’s stock, valued at $38,259,210. This trade represents a 4.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Dawn Christine Maroney sold 230,000 shares of the firm’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $19.10, for a total value of $4,393,000.00. Following the completion of the sale, the president now directly owns 2,132,899 shares in the company, valued at $40,738,370.90. The trade was a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

ALHC has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their target price on Alignment Healthcare from $14.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, March 6th. Stifel Nicolaus upped their price objective on shares of Alignment Healthcare from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, April 8th. Stephens reiterated an “overweight” rating and set a $17.00 target price on shares of Alignment Healthcare in a report on Monday, February 24th. Bank of America upped their price target on Alignment Healthcare from $15.50 to $18.50 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Finally, William Blair reiterated an “outperform” rating on shares of Alignment Healthcare in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Alignment Healthcare currently has a consensus rating of “Moderate Buy” and an average target price of $16.61.

Alignment Healthcare Stock Down 6.4 %

The company’s 50 day simple moving average is $16.46 and its 200-day simple moving average is $13.79. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82. The firm has a market cap of $3.50 billion, a P/E ratio of -23.69 and a beta of 1.32.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in shares of Alignment Healthcare by 0.9% during the 3rd quarter. State Street Corp now owns 2,252,287 shares of the company’s stock valued at $26,622,000 after buying an additional 20,731 shares during the period. Barclays PLC boosted its position in Alignment Healthcare by 144.1% in the third quarter. Barclays PLC now owns 193,446 shares of the company’s stock worth $2,287,000 after purchasing an additional 114,191 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Alignment Healthcare by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,442,447 shares of the company’s stock valued at $28,875,000 after purchasing an additional 32,839 shares during the period. Principal Financial Group Inc. increased its position in shares of Alignment Healthcare by 1,335.1% during the 3rd 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 last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Alignment Healthcare by 249.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,219 shares of the company’s stock worth $3,407,000 after purchasing an additional 205,705 shares during the period. Institutional investors own 86.19% of the company’s stock.

About Alignment Healthcare

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.