Alignment Healthcare (NASDAQ:ALHC) Shares Down 4.6% - What's Next?

Alignment Healthcare, Inc. (NASDAQ:ALHC - Get Free Report)'s share price dropped 4.6% during mid-day trading on Monday . The stock traded as low as $18.80 and last traded at $18.83. Approximately 363,878 shares changed hands during trading, a decline of 78% from the average daily volume of 1,633,347 shares. The stock had previously closed at $19.74.

Wall Street Analysts Forecast Growth

Several analysts have commented on ALHC shares. Bank of America lifted their price objective on shares of Alignment Healthcare from $15.50 to $18.50 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Piper Sandler increased their target price on shares of Alignment Healthcare from $14.00 to $21.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 4th. Stephens reiterated an "overweight" rating and set a $17.00 target price on shares of Alignment Healthcare in a research report on Monday, February 24th. Robert W. Baird raised their price target on Alignment Healthcare from $17.00 to $22.00 and gave the company an "outperform" rating in a research report on Tuesday. Finally, Stifel Nicolaus upped their price objective on Alignment Healthcare from $18.00 to $23.00 and gave the stock a "buy" rating in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $16.61.

Alignment Healthcare Price Performance

The firm has a 50 day moving average of $16.54 and a two-hundred day moving average of $13.84. The company has a market cap of $3.50 billion, a PE ratio of -23.69 and a beta of 1.32. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82.

Insider Transactions 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 Tuesday, February 18th. The shares were sold at an average price of $13.72, for a total value of $411,600.00. Following the transaction, the president now directly owns 1,576,097 shares in the company, valued at approximately $21,624,050.84. This trade represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andreas P. Wagner sold 14,878 shares of the firm's stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $14.38, for a total transaction of $213,945.64. Following the sale, the insider now owns 200,885 shares in the company, valued at approximately $2,888,726.30. The trade was a 6.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,181,855 shares of company stock worth $35,118,912. Corporate insiders own 6.60% of the company's stock.

Hedge Funds Weigh In On Alignment Healthcare

Several institutional investors have recently bought and sold shares of ALHC. Wellington Management Group LLP lifted its position in Alignment Healthcare by 77.9% during the fourth quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company's stock valued at $83,683,000 after purchasing an additional 3,257,630 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in 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 purchasing an additional 3,059,596 shares during the period. Millennium Management LLC grew its stake in Alignment Healthcare by 588.3% in the 4th quarter. Millennium Management LLC now owns 3,388,602 shares of the company's stock worth $38,122,000 after acquiring an additional 2,896,311 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Alignment Healthcare during the 4th quarter worth $20,087,000. Finally, Broad Bay Capital Management LP purchased a new stake in Alignment Healthcare in the fourth quarter worth about $18,804,000. 86.19% of the stock is owned by hedge funds and other 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.