Wells Fargo & Company MN Boosts Stock Position in Alignment Healthcare, Inc. (NASDAQ:ALHC)

Wells Fargo & Company MN lifted its stake in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) by 58.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 48,813 shares of the company’s stock after acquiring an additional 17,985 shares during the quarter. Wells Fargo & Company MN’s holdings in Alignment Healthcare were worth $549,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALHC. Rhumbline Advisers increased its stake in shares of Alignment Healthcare by 2.2% in the fourth quarter. Rhumbline Advisers now owns 135,704 shares of the company’s stock worth $1,527,000 after purchasing an additional 2,937 shares in the last quarter. Alliancebernstein L.P. increased its stake in Alignment Healthcare by 2.8% in the 4th quarter. Alliancebernstein L.P. now owns 119,440 shares of the company’s stock worth $1,344,000 after buying an additional 3,300 shares in the last quarter. R Squared Ltd purchased a new stake in Alignment Healthcare in the 4th quarter worth $55,000. SG Americas Securities LLC raised its holdings in Alignment Healthcare by 11.7% during the fourth quarter. SG Americas Securities LLC now owns 49,272 shares of the company’s stock valued at $554,000 after acquiring an additional 5,163 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Alignment Healthcare by 1.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 847,974 shares of the company’s stock valued at $9,540,000 after purchasing an additional 8,279 shares during the period. 86.19% of the stock is owned by hedge funds and other institutional investors.

Alignment Healthcare Stock Performance

Alignment Healthcare stock opened at $15.53 on Friday. Alignment Healthcare, Inc. has a 1-year low of $5.62 and a 1-year high of $21.06. The company’s 50-day moving average is $17.27 and its 200 day moving average is $14.28. The firm has a market capitalization of $3.07 billion, a P/E ratio of -20.17 and a beta of 1.32. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.60 and a quick ratio of 1.60.

Alignment Healthcare (NASDAQ:ALHC) last released its earnings results on Thursday, May 1st. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.07. The business had revenue of $926.93 million for the quarter, compared to analyst estimates of $889.83 million. Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The business’s revenue was up 47.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.25) earnings per share. Research analysts forecast that Alignment Healthcare, Inc. will post -0.69 EPS for the current year.

Insider Activity at Alignment Healthcare

In other news, President Dawn Christine Maroney sold 30,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $13.72, for a total transaction of $411,600.00. Following the transaction, the president now owns 1,576,097 shares in the company, valued at approximately $21,624,050.84. This trade represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert L. Scavo sold 2,864 shares of the firm’s stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $17.89, for a total transaction of $51,236.96. Following the transaction, the insider now directly owns 702,953 shares in the company, valued at $12,575,829.17. This trade represents a 0.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,181,855 shares of company stock worth $35,166,057 in the last 90 days. 6.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Alignment Healthcare from $17.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, April 15th. Piper Sandler boosted their target price on Alignment Healthcare from $14.00 to $21.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 4th. William Blair reiterated an “outperform” rating on shares of Alignment Healthcare in a research report on Friday, February 28th. UBS Group upped their price target on shares of Alignment Healthcare from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Barclays boosted their target price on shares of Alignment Healthcare from $8.00 to $9.00 and gave the stock an “underweight” rating in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.17.

Alignment Healthcare Company Profile

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.