Alignment Healthcare, Inc. (NASDAQ:ALHC) Sees Large Drop in Short Interest

Alignment Healthcare, Inc. (NASDAQ:ALHC) was the target of 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. Currently, 6.7% of the company’s shares are short sold. Based on an average daily trading volume, of 1,930,000 shares, the short-interest ratio is currently 3.7 days.

Alignment Healthcare Stock Up 4.0 %

ALHC opened at $16.74 on Wednesday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.60 and a quick ratio of 1.60. The firm has a market capitalization of $3.21 billion, a P/E ratio of -21.74 and a beta of 1.49. Alignment Healthcare has a fifty-two week low of $4.46 and a fifty-two week high of $17.24. The company’s 50-day moving average is $14.58 and its 200 day moving average is $12.56.

Insider Activity at Alignment Healthcare

In other Alignment Healthcare news, President Dawn Christine Maroney sold 30,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $15.99, for a total transaction of $479,700.00. Following the transaction, the president now directly owns 2,417,700 shares in the company, valued at approximately $38,659,023. This represents a 1.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John E. Kao sold 90,000 shares of Alignment Healthcare stock in a transaction on Monday, January 13th. The shares were sold at an average price of $13.06, for a total transaction of $1,175,400.00. Following the completion of the sale, the chief executive officer now owns 2,273,100 shares of the company’s stock, valued at $29,686,686. This represents a 3.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,829,454 shares of company stock worth $27,936,991 over the last quarter. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

Several institutional investors have recently modified their holdings of ALHC. R Squared Ltd purchased a new position in shares of Alignment Healthcare in the 4th quarter worth about $55,000. RiverPark Advisors LLC bought a new stake in Alignment Healthcare in the fourth quarter worth about $106,000. Tower Research Capital LLC TRC boosted its stake in Alignment Healthcare by 146.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,571 shares of the company’s stock valued at $119,000 after acquiring an additional 6,286 shares during the last quarter. Ballentine Partners LLC bought a new position in shares of Alignment Healthcare during the 4th quarter valued at approximately $121,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Alignment Healthcare during the 4th quarter worth approximately $129,000. 86.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on ALHC. Piper Sandler raised their target price on Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, March 4th. Stephens reissued an “overweight” rating and issued a $17.00 price objective on shares of Alignment Healthcare in a research note on Monday, February 24th. Stifel Nicolaus upped their target price on Alignment Healthcare from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Barclays lifted 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. Finally, JPMorgan Chase & Co. upped their price objective on shares of Alignment Healthcare from $14.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, March 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.83.

Alignment Healthcare Company Profile

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.