Align Technology, Inc. (NASDAQ:ALGN) Sees Significant Increase in Short Interest

Align Technology, Inc. (NASDAQ:ALGN) was the recipient of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 2,964,353 shares, a growth of 25.5% from the February 26th total of 2,361,877 shares. Currently, 4.2% of the shares of the stock are sold short. Based on an average trading volume of 1,425,404 shares, the short-interest ratio is currently 2.1 days.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of Align Technology from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Stifel Nicolaus raised their price target on shares of Align Technology from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. UBS Group upped their price objective on shares of Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 5th. Jefferies Financial Group raised their target price on shares of Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Finally, Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average target price of $198.08.

Insider Activity

In other news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the sale, the executive vice president directly owned 8,237 shares of the company’s stock, valued at $1,559,346.47. The trade was a 49.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Align Technology

Several large investors have recently made changes to their positions in the stock. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in Align Technology by 3.7% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after purchasing an additional 68 shares during the last quarter. Comerica Bank boosted its position in shares of Align Technology by 0.6% during the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock worth $2,132,000 after buying an additional 76 shares during the period. Arizona State Retirement System grew its stake in shares of Align Technology by 0.4% in the third quarter. Arizona State Retirement System now owns 20,387 shares of the medical equipment provider’s stock valued at $2,553,000 after buying an additional 79 shares in the last quarter. Sentry Investment Management LLC grew its stake in shares of Align Technology by 73.1% in the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 79 shares in the last quarter. Finally, Independence Bank of Kentucky raised its holdings in shares of Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 80 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of Align Technology stock opened at $166.38 on Monday. The stock has a 50 day moving average of $177.15 and a 200 day moving average of $155.99. The firm has a market capitalization of $11.86 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 1.81 and a beta of 1.79. Align Technology has a fifty-two week low of $122.00 and a fifty-two week high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, beating the consensus estimate of $2.99 by $0.30. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.44 EPS. Analysts forecast that Align Technology will post 7.98 EPS for the current year.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.