Short Interest in Align Technology, Inc. (NASDAQ:ALGN) Increases By 22.4%

Align Technology, Inc. (NASDAQ:ALGN) was the target of a significant increase in short interest in February. As of February 13th, there was short interest totaling 2,362,822 shares, an increase of 22.4% from the January 29th total of 1,929,724 shares. Currently, 3.3% of the company’s shares are short sold. Based on an average daily volume of 1,816,510 shares, the days-to-cover ratio is currently 1.3 days. Based on an average daily volume of 1,816,510 shares, the days-to-cover ratio is currently 1.3 days. Currently, 3.3% of the company’s shares are short sold.

Insider Transactions at Align Technology

In other Align Technology news, EVP John Morici sold 7,969 shares of the business’s 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 transaction, the executive vice president directly owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. The trade was a 49.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.66% of the company’s stock.

Institutional Trading of Align Technology

Several institutional investors have recently made changes to their positions in the company. Sentry Investment Management LLC lifted its position in shares of Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 79 shares in the last quarter. Sunbelt Securities Inc. increased its stake in Align Technology by 222.4% in the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 109 shares during the last quarter. Steigerwald Gordon & Koch Inc. bought a new position in shares of Align Technology during the 3rd quarter worth approximately $26,000. Rothschild Investment LLC boosted its stake in shares of Align Technology by 140.3% in the 2nd quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 87 shares during the last quarter. Finally, True Wealth Design LLC boosted its stake in shares of Align Technology by 7,650.0% in the 2nd quarter. True Wealth Design LLC now owns 155 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 153 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $182.16 on Thursday. The stock has a market cap of $12.98 billion, a price-to-earnings ratio of 32.18, a PEG ratio of 2.00 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. The firm’s 50-day simple moving average is $173.94 and its 200 day simple moving average is $151.92.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, topping the consensus estimate of $2.99 by $0.30. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the business posted $2.44 earnings per share. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, sell-side analysts predict that Align Technology will post 7.98 EPS for the current year.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several research analyst reports. Morgan Stanley increased their target price on shares of Align Technology from $154.00 to $169.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Piper Sandler raised their target price on Align Technology from $200.00 to $220.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Barclays boosted their target price on Align Technology from $170.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 25th. Evercore upped their price target on Align Technology from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Finally, UBS Group raised their price objective on Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 5th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Align Technology presently has an average rating of “Hold” and an average target price of $198.08.

About Align Technology

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.