Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down on Insider Selling

Alignment Healthcare, Inc. (NASDAQ:ALHC) shares gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $14.37, but opened at $14.00. Alignment Healthcare shares last traded at $13.34, with a volume of 228,730 shares traded.

Specifically, President Dawn Christine Maroney sold 30,000 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $13.72, for a total value of $411,600.00. Following the sale, the president now directly owns 1,576,097 shares in the company, valued at $21,624,050.84. This represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. UBS Group boosted their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Stifel Nicolaus boosted their price objective on Alignment Healthcare from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Stephens reissued an “overweight” rating and issued a $17.00 price objective on shares of Alignment Healthcare in a research note on Thursday, January 2nd. Finally, Barclays boosted their price objective on Alignment Healthcare from $7.00 to $8.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $11.88.

Alignment Healthcare Stock Down 8.4 %

The business has a fifty day moving average of $13.19 and a 200 day moving average of $11.76. The firm has a market cap of $2.52 billion, a P/E ratio of -17.10 and a beta of 1.50. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82.

Institutional Investors Weigh In On Alignment Healthcare

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