Alignment Healthcare (NASDAQ:ALHC) Stock Price Up 3% – Still a Buy?

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares traded up 3% on Tuesday . The stock traded as high as $16.43 and last traded at $16.57. 520,448 shares changed hands during trading, a decline of 63% from the average session volume of 1,399,858 shares. The stock had previously closed at $16.09.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Stephens reissued an “overweight” rating and set a $17.00 price target on shares of Alignment Healthcare in a research report on Monday, February 24th. Piper Sandler increased their price target on shares of Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, March 4th. Barclays increased their price target on shares of Alignment Healthcare from $8.00 to $9.00 and gave the company an “underweight” rating in a research report on Friday, February 28th. Bank of America raised their target price on shares of Alignment Healthcare from $15.50 to $18.50 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Finally, Stifel Nicolaus raised their target price 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Alignment Healthcare has an average rating of “Moderate Buy” and a consensus price target of $14.83.

Alignment Healthcare Stock Performance

The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82. The company’s 50 day moving average is $14.68 and its 200-day moving average is $12.59. The company has a market capitalization of $3.30 billion, a P/E ratio of -22.32 and a beta of 1.49.

Insider Buying and Selling

In related news, CEO John E. Kao sold 90,000 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $13.06, for a total value of $1,175,400.00. Following the completion of the transaction, the chief executive officer now directly owns 2,273,100 shares in the company, valued at $29,686,686. This trade represents a 3.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andreas P. Wagner sold 14,878 shares of the stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $14.38, for a total transaction of $213,945.64. Following the completion of the transaction, the insider now owns 200,885 shares of the company’s stock, valued at approximately $2,888,726.30. The trade was a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,901,665 shares of company stock worth $29,141,513 in the last three months. 6.60% of the stock is owned by corporate insiders.

Institutional Trading of Alignment Healthcare

A number of institutional investors and hedge funds have recently bought and sold shares of ALHC. Wellington Management Group LLP increased its stake in Alignment Healthcare by 77.9% during the 4th quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company’s stock valued at $83,683,000 after purchasing an additional 3,257,630 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Alignment Healthcare by 54.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,649,042 shares of the company’s stock valued at $97,302,000 after purchasing an additional 3,059,596 shares in the last quarter. Millennium Management LLC increased its stake in Alignment Healthcare by 588.3% during the 4th quarter. Millennium Management LLC now owns 3,388,602 shares of the company’s stock valued at $38,122,000 after purchasing an additional 2,896,311 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Alignment Healthcare during the 4th quarter valued at about $20,087,000. Finally, Broad Bay Capital Management LP bought a new stake in Alignment Healthcare during the 4th quarter valued at about $18,804,000. 86.19% of the stock is currently owned by institutional investors.

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.