Alignment Healthcare (NASDAQ:ALHC) Sets New 52-Week High – Here’s Why

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares hit a new 52-week high on Monday . The company traded as high as $16.25 and last traded at $16.09, with a volume of 2672767 shares changing hands. The stock had previously closed at $15.79.

Analyst Ratings Changes

A number of analysts have recently issued reports on ALHC shares. Stifel Nicolaus increased their price target on shares of Alignment Healthcare from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Piper Sandler lifted their target price on shares of Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, March 4th. Bank of America boosted their price target on shares of Alignment Healthcare from $15.50 to $18.50 and gave the company a “buy” rating in a report on Tuesday, March 4th. JPMorgan Chase & Co. increased their price objective on Alignment Healthcare from $14.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, March 6th. Finally, Stephens restated an “overweight” rating and issued a $17.00 target price on shares of Alignment Healthcare in a research note on Monday, February 24th. One equities 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 stock. According to MarketBeat, Alignment Healthcare currently has an average rating of “Moderate Buy” and an average price target of $14.83.

Alignment Healthcare Price Performance

The firm has a market cap of $3.20 billion, a P/E ratio of -21.73 and a beta of 1.49. The stock’s 50-day moving average is $14.58 and its 200-day moving average is $12.56. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82.

Insider Activity at Alignment Healthcare

In other Alignment Healthcare news, insider Robert L. Scavo sold 5,313 shares of Alignment Healthcare stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $15.43, for a total value of $81,979.59. Following the completion of the transaction, the insider now owns 668,106 shares in the company, valued at approximately $10,308,875.58. The trade was a 0.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Dawn Christine Maroney sold 30,000 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $15.99, for a total value of $479,700.00. Following the completion of the sale, the president now owns 2,417,700 shares of the company’s stock, valued at approximately $38,659,023. This trade represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,829,454 shares of company stock worth $27,936,991. Company insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Alignment Healthcare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Alignment Healthcare by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,963 shares of the company’s stock worth $641,000 after purchasing an additional 2,154 shares during the period. Rhumbline Advisers lifted its position in Alignment Healthcare by 2.2% during the 4th quarter. Rhumbline Advisers now owns 135,704 shares of the company’s stock valued at $1,527,000 after purchasing an additional 2,937 shares during the period. MetLife Investment Management LLC raised its stake in shares of Alignment Healthcare by 5.6% during the fourth quarter. MetLife Investment Management LLC now owns 61,344 shares of the company’s stock worth $690,000 after buying an additional 3,256 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Alignment Healthcare by 2.8% in the fourth quarter. Alliancebernstein L.P. now owns 119,440 shares of the company’s stock valued at $1,344,000 after buying an additional 3,300 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its stake in Alignment Healthcare by 15.0% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 34,497 shares of the company’s stock valued at $388,000 after acquiring an additional 4,497 shares during the last quarter. Institutional investors and hedge funds own 86.19% of the company’s stock.

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.