Alignment Healthcare (NASDAQ:ALHC) Shares Gap Up – Time to Buy?

Alignment Healthcare, Inc. (NASDAQ:ALHC) gapped up prior to trading on Tuesday . The stock had previously closed at $13.46, but opened at $14.10. Alignment Healthcare shares last traded at $13.77, with a volume of 199,778 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. TD Cowen raised their price target on Alignment Healthcare from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. KeyCorp initiated coverage on shares of Alignment Healthcare in a research report on Friday, October 11th. They set a “sector weight” rating on the stock. Barclays raised their price objective on shares of Alignment Healthcare from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Wednesday, October 30th. Stifel Nicolaus upped their target price on Alignment Healthcare from $9.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, UBS Group raised their target price on Alignment Healthcare from $9.00 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.33.

Alignment Healthcare Trading Down 2.9 %

The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.60 and a current ratio of 1.60. The company has a market capitalization of $2.45 billion, a P/E ratio of -16.60 and a beta of 1.45. The company’s fifty day simple moving average is $11.49 and its 200-day simple moving average is $9.28.

Alignment Healthcare (NASDAQ:ALHC) last posted its earnings results on Tuesday, October 29th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.14). The company had revenue of $692.43 million for the quarter, compared to analyst estimates of $662.11 million. Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The firm’s quarterly revenue was up 51.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. Research analysts predict that Alignment Healthcare, Inc. will post -0.69 earnings per share for the current year.

Insider Transactions at Alignment Healthcare

In other Alignment Healthcare news, CEO John E. Kao sold 90,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $11.33, for a total transaction of $1,019,700.00. Following the completion of the transaction, the chief executive officer now directly owns 2,543,100 shares of the company’s stock, valued at approximately $28,813,323. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Dawn Christine Maroney sold 7,074 shares of Alignment Healthcare stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $9.02, for a total value of $63,807.48. Following the sale, the insider now directly owns 1,789,023 shares of the company’s stock, valued at $16,136,987.46. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John E. Kao sold 90,000 shares of the company’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $11.33, for a total transaction of $1,019,700.00. Following the sale, the chief executive officer now directly owns 2,543,100 shares of the company’s stock, valued at $28,813,323. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 485,507 shares of company stock worth $5,818,335. Company insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its position in Alignment Healthcare by 132.2% in the third quarter. The Manufacturers Life Insurance Company now owns 128,933 shares of the company’s stock valued at $1,524,000 after purchasing an additional 73,402 shares during the period. Algert Global LLC lifted its position in Alignment Healthcare by 44.8% in the third quarter. Algert Global LLC now owns 80,903 shares of the company’s stock valued at $956,000 after buying an additional 25,050 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Alignment Healthcare by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 839,695 shares of the company’s stock valued at $9,925,000 after acquiring an additional 13,865 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of Alignment Healthcare in the 3rd quarter worth approximately $315,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Alignment Healthcare during the 3rd quarter worth approximately $131,000. Institutional investors and hedge funds 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.