Alignment Healthcare, Inc. (NASDAQ:ALHC) Short Interest Down 13.2% in February

Alignment Healthcare, Inc. (NASDAQ:ALHC) saw a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 7,050,000 shares, a decline of 13.2% from the February 13th total of 8,120,000 shares. Based on an average daily volume of 1,930,000 shares, the days-to-cover ratio is currently 3.7 days. Approximately 6.7% of the company’s shares are short sold.

Insider Buying and Selling at Alignment Healthcare

In other news, CEO John E. Kao sold 27,535 shares of the stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $16.89, for a total value of $465,066.15. Following the transaction, the chief executive officer now owns 4,991,717 shares in the company, valued at approximately $84,310,100.13. This represents a 0.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Robert Thomas Freeman sold 13,815 shares of the company’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $16.89, for a total value of $233,335.35. Following the completion of the sale, the chief financial officer now directly owns 1,482,595 shares of the company’s stock, valued at approximately $25,041,029.55. This trade represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,901,665 shares of company stock worth $29,141,513 over the last quarter. 6.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alignment Healthcare

Hedge funds have recently modified their holdings of the stock. Verition Fund Management LLC boosted its holdings in Alignment Healthcare by 85.3% in the third quarter. Verition Fund Management LLC now owns 121,180 shares of the company’s stock worth $1,432,000 after purchasing an additional 55,771 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Alignment Healthcare by 249.3% during the third quarter. JPMorgan Chase & Co. now owns 288,219 shares of the company’s stock valued at $3,407,000 after acquiring an additional 205,705 shares during the period. Principal Financial Group Inc. boosted its holdings in Alignment Healthcare by 1,335.1% during the third quarter. Principal Financial Group Inc. now owns 194,043 shares of the company’s stock valued at $2,294,000 after acquiring an additional 180,522 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Alignment Healthcare by 132.2% during the third quarter. The Manufacturers Life Insurance Company now owns 128,933 shares of the company’s stock valued at $1,524,000 after acquiring an additional 73,402 shares during the period. Finally, Barclays PLC boosted its holdings in Alignment Healthcare by 144.1% during the third quarter. Barclays PLC now owns 193,446 shares of the company’s stock valued at $2,287,000 after acquiring an additional 114,191 shares during the period. 86.19% of the stock is owned by institutional investors and hedge funds.

Alignment Healthcare Price Performance

Shares of NASDAQ:ALHC opened at $17.18 on Friday. The company’s fifty day moving average is $14.79 and its two-hundred day moving average is $12.63. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. Alignment Healthcare has a 12-month low of $4.46 and a 12-month high of $17.38. The company has a market cap of $3.30 billion, a P/E ratio of -22.31 and a beta of 1.49.

Wall Street Analyst Weigh In

ALHC has been the topic of several analyst reports. Stifel Nicolaus raised their price objective on Alignment Healthcare from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Piper Sandler boosted their price objective on Alignment Healthcare from $14.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 4th. Stephens reaffirmed an “overweight” rating and set a $17.00 target price on shares of Alignment Healthcare in a research report on Monday, February 24th. Barclays lifted their target price on Alignment Healthcare from $8.00 to $9.00 and gave the stock an “underweight” rating in a research report on Friday, February 28th. Finally, William Blair reissued an “outperform” rating on shares of Alignment Healthcare in a report on Friday, February 28th. One 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.83.

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.