Alignment Healthcare (NASDAQ:ALHC) Stock Price Expected to Rise, Bank of America Analyst Says

Alignment Healthcare (NASDAQ:ALHC) had its target price raised by Bank of America from $15.50 to $18.50 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also weighed in on ALHC. Stephens reiterated an “overweight” rating and set a $17.00 target price on shares of Alignment Healthcare in a research note on Monday, February 24th. William Blair reiterated an “outperform” rating on shares of Alignment Healthcare in a research report on Friday, February 28th. Barclays raised their price objective on shares of Alignment Healthcare from $8.00 to $9.00 and gave the company an “underweight” rating in a research note on Friday, February 28th. Finally, Stifel Nicolaus upped their price target on shares of Alignment Healthcare from $16.00 to $18.00 and gave the company a “buy” rating in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.83.

Alignment Healthcare Price Performance

Shares of ALHC stock opened at $15.25 on Tuesday. 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 cap of $2.93 billion, a P/E ratio of -19.81 and a beta of 1.49. Alignment Healthcare has a 1-year low of $4.46 and a 1-year high of $16.25. The firm has a fifty day moving average of $13.89 and a two-hundred day moving average of $12.14.

Insider Activity

In related news, insider Christopher J. Joyce sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $15.58, for a total transaction of $389,500.00. Following the transaction, the insider now owns 397,845 shares of the company’s stock, valued at approximately $6,198,425.10. This trade represents a 5.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Sebastian Burzacchi sold 8,550 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $11.26, for a total value of $96,273.00. Following the sale, the chief operating officer now owns 217,395 shares of the company’s stock, valued at approximately $2,447,867.70. This trade represents a 3.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,760,756 shares of company stock worth $26,490,627 over the last quarter. Corporate insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Alignment Healthcare

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in Alignment Healthcare by 77.9% in the 4th quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company’s stock valued at $83,683,000 after buying an additional 3,257,630 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in shares of Alignment Healthcare by 54.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,649,042 shares of the company’s stock worth $97,302,000 after acquiring an additional 3,059,596 shares during the last quarter. Millennium Management LLC lifted its holdings in Alignment Healthcare by 588.3% during the 4th quarter. Millennium Management LLC now owns 3,388,602 shares of the company’s stock worth $38,122,000 after buying an additional 2,896,311 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Alignment Healthcare during the fourth quarter valued at $20,087,000. Finally, Broad Bay Capital Management LP acquired a new position in Alignment Healthcare during the 4th quarter valued at about $18,804,000. 86.19% of the stock is currently owned by institutional investors.

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.