Alignment Healthcare (NASDAQ:ALHC) Earns “Overweight” Rating from Piper Sandler

Piper Sandler reissued their overweight rating on shares of Alignment Healthcare (NASDAQ:ALHC) in a report released on Tuesday morning, Benzinga reports. The brokerage currently has a $10.00 price objective on the stock, up from their prior price objective of $8.00.

Other equities analysts have also issued reports about the stock. Stifel Nicolaus raised their price objective on shares of Alignment Healthcare from $9.00 to $12.00 and gave the company a buy rating in a research report on Friday, July 26th. Robert W. Baird started coverage on shares of Alignment Healthcare in a research report on Thursday, May 30th. They set an outperform rating and a $10.00 price target for the company. Stephens increased their price objective on Alignment Healthcare from $6.00 to $7.00 and gave the stock an equal weight rating in a research report on Friday, May 3rd. Baird R W upgraded Alignment Healthcare to a strong-buy rating in a research report on Thursday, May 30th. Finally, Bank of America upgraded Alignment Healthcare from a neutral rating to a buy rating and upped their target price for the stock from $7.75 to $11.00 in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $9.95.

Alignment Healthcare Stock Performance

Shares of ALHC stock traded up $0.20 during trading on Tuesday, reaching $8.62. 634,739 shares of the company’s stock traded hands, compared to its average volume of 939,742. Alignment Healthcare has a 1 year low of $4.46 and a 1 year high of $10.16. The company has a market capitalization of $1.65 billion, a P/E ratio of -10.26 and a beta of 1.43. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.23. The firm’s 50-day moving average is $8.44 and its 200 day moving average is $6.81.

Alignment Healthcare (NASDAQ:ALHC) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.01. The company had revenue of $681.29 million during the quarter, compared to analysts’ expectations of $637.66 million. Alignment Healthcare had a negative return on equity of 95.55% and a negative net margin of 6.85%. The firm’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.15) earnings per share. Equities research analysts expect that Alignment Healthcare will post -0.67 EPS for the current year.

Insider Buying and Selling

In other news, insider Dawn Christine Maroney sold 36,700 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $10.01, for a total value of $367,367.00. Following the transaction, the insider now owns 1,816,097 shares in the company, valued at $18,179,130.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Dawn Christine Maroney sold 36,700 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $10.01, for a total transaction of $367,367.00. Following the completion of the sale, the insider now directly owns 1,816,097 shares in the company, valued at $18,179,130.97. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher J. Joyce sold 16,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $8.01, for a total value of $128,160.00. Following the completion of the sale, the insider now directly owns 422,912 shares of the company’s stock, valued at approximately $3,387,525.12. The disclosure for this sale can be found here. Insiders have sold a total of 226,554 shares of company stock worth $2,154,152 in the last ninety days. 6.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Alignment Healthcare

Several hedge funds and other institutional investors have recently modified their holdings of ALHC. Principal Financial Group Inc. bought a new stake in Alignment Healthcare during the 1st quarter valued at approximately $57,000. Virtu Financial LLC purchased a new position in Alignment Healthcare during the first quarter valued at $57,000. Barlow Wealth Partners Inc. bought a new stake in shares of Alignment Healthcare during the 4th quarter valued at $100,000. Victory Capital Management Inc. grew its position in shares of Alignment Healthcare by 17.9% in the 4th quarter. Victory Capital Management Inc. now owns 12,935 shares of the company’s stock worth $111,000 after buying an additional 1,962 shares during the period. Finally, Aigen Investment Management LP increased its stake in shares of Alignment Healthcare by 18.5% in the 4th quarter. Aigen Investment Management LP now owns 19,764 shares of the company’s stock worth $170,000 after acquiring an additional 3,092 shares in the last quarter. Hedge funds and other 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.