Align Technology, Inc. (NASDAQ:ALGN) Sees Large Decrease in Short Interest

Align Technology, Inc. (NASDAQ:ALGN) was the target of a significant decline in short interest during the month of January. As of January 15th, there was short interest totalling 2,340,000 shares, a decline of 13.7% from the December 31st total of 2,710,000 shares. Based on an average daily volume of 750,900 shares, the days-to-cover ratio is presently 3.1 days. Approximately 3.4% of the company’s stock are short sold.

Analysts Set New Price Targets

A number of brokerages have issued reports on ALGN. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Morgan Stanley reduced their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Robert W. Baird lowered their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their target price for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Finally, Jefferies Financial Group lowered their price target on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $267.45.

Align Technology Stock Down 2.8 %

NASDAQ:ALGN traded down $6.25 during mid-day trading on Friday, hitting $219.11. 1,207,691 shares of the stock traded hands, compared to its average volume of 531,135. Align Technology has a 12-month low of $196.09 and a 12-month high of $335.40. The company has a market cap of $16.36 billion, a PE ratio of 37.39, a price-to-earnings-growth ratio of 4.92 and a beta of 1.67. The business’s 50-day moving average price is $222.95 and its 200 day moving average price is $227.04.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Quarry LP boosted its holdings in shares of Align Technology by 53.0% in the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after purchasing an additional 44 shares in the last quarter. Empirical Finance LLC increased its stake in Align Technology by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after purchasing an additional 50 shares during the period. Lake Street Advisors Group LLC lifted its position in Align Technology by 5.6% in the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock valued at $265,000 after purchasing an additional 55 shares during the last quarter. Crestwood Advisors Group LLC raised its holdings in Align Technology by 6.6% during the 3rd quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock valued at $254,000 after buying an additional 62 shares during the last quarter. Finally, Mather Group LLC. boosted its holdings in shares of Align Technology by 51.6% during the third quarter. Mather Group LLC. now owns 185 shares of the medical equipment provider’s stock worth $47,000 after purchasing an additional 63 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.