Alignment Healthcare (NASDAQ:ALHC) Stock Gets Price Target Trim from TD Cowen

Alignment Healthcare (NASDAQ:ALHC) had its target price reduced by TD Cowen from $21.00 to $12.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

ALHC has been the subject of a number of other research reports. Raymond James Financial reaffirmed an “outperform” rating on shares of Alignment Healthcare in a research report on Monday. KeyCorp dropped their price objective on shares of Alignment Healthcare from $28.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, October 9th. UBS Group cut their target price on shares of Alignment Healthcare from $22.00 to $9.00 and set a “neutral” rating on the stock in a report on Monday. Wall Street Zen cut shares of Alignment Healthcare from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Zacks Research downgraded Alignment Healthcare from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.82.

Alignment Healthcare Stock Down 0.8%

ALHC stock opened at $8.23 on Monday. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 43.32 and a beta of 1.14. Alignment Healthcare has a 1-year low of $6.01 and a 1-year high of $25.12. The firm has a fifty day moving average price of $11.15 and a two-hundred day moving average price of $16.43. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.70 and a quick ratio of 1.70.

Alignment Healthcare (NASDAQ:ALHC) last issued its earnings results on Thursday, July 30th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. Alignment Healthcare had a net margin of 0.89% and a return on equity of 20.02%. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the company earned $0.07 earnings per share. The firm’s revenue was up 31.6% compared to the same quarter last year. Research analysts predict that Alignment Healthcare will post 0.14 EPS for the current year.

Insider Buying and Selling

In other news, EVP Joseph S. Konowiecki sold 23,511 shares of the business’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $8.61, for a total transaction of $202,429.71. Following the completion of the transaction, the executive vice president owned 1,080,305 shares of the company’s stock, valued at approximately $9,301,426.05. The trade was a 2.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Hyong Kim sold 32,479 shares of the business’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $8.30, for a total transaction of $269,575.70. Following the transaction, the insider directly owned 299,271 shares of the company’s stock, valued at approximately $2,483,949.30. This trade represents a 9.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,061,967 shares of company stock valued at $13,642,490 over the last three months. Corporate insiders own 5.20% of the company’s stock.

Institutional Trading of Alignment Healthcare

A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in Alignment Healthcare by 9.8% during the 2nd quarter. Wellington Management Group LLP now owns 18,780,363 shares of the company’s stock valued at $447,160,000 after purchasing an additional 1,681,427 shares during the period. William Blair Investment Management LLC bought a new position in Alignment Healthcare in the 2nd quarter worth about $184,799,000. Danica Pension Livsforsikringsaktieselskab bought a new position in Alignment Healthcare in the 2nd quarter worth about $87,794,000. Bank of New York Mellon Corp acquired a new stake in shares of Alignment Healthcare in the second quarter valued at approximately $87,077,000. Finally, Bank of America Corp DE increased its stake in shares of Alignment Healthcare by 156.5% in the first quarter. Bank of America Corp DE now owns 3,215,667 shares of the company’s stock valued at $56,660,000 after purchasing an additional 1,961,778 shares during the period. Institutional investors and hedge funds own 86.19% of the company’s stock.

About Alignment Healthcare

Alignment Healthcare, Inc is a technology-enabled Medicare Advantage company focused on providing health coverage and care services for older adults. The company offers Medicare Advantage plans that combine medical benefits with care coordination, wellness support, and other services designed to help members manage their health.

Alignment operates through an integrated healthcare model that uses its proprietary technology platform to support physicians, care teams, and members. Its services include personalized care management, clinical coordination, virtual and in-home support, and member assistance through its concierge-style approach.