Alignment Healthcare (NASDAQ:ALHC) Shares Up 5.7% - Here's What Happened

Alignment Healthcare, Inc. (NASDAQ:ALHC - Get Free Report)'s share price shot up 5.7% during trading on Wednesday . The stock traded as high as $15.50 and last traded at $15.48. 2,802,260 shares traded hands during trading, a decline of 0% from the average session volume of 2,810,515 shares. The stock had previously closed at $14.65.

Wall Street Analyst Weigh In

Several research firms recently commented on ALHC. JPMorgan Chase & Co. raised their target price on Alignment Healthcare from $14.00 to $17.00 and gave the stock a "neutral" rating in a research report on Thursday, March 6th. Stifel Nicolaus lifted their price objective on Alignment Healthcare from $18.00 to $23.00 and gave the company a "buy" rating in a research report on Tuesday, April 8th. Bank of America lifted their price objective on Alignment Healthcare from $15.50 to $18.50 and gave the company a "buy" rating in a research report on Tuesday, March 4th. William Blair reiterated an "outperform" rating on shares of Alignment Healthcare in a research report on Friday, February 28th. Finally, Robert W. Baird lifted their price objective on Alignment Healthcare from $17.00 to $22.00 and gave the company an "outperform" rating in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $17.17.

Alignment Healthcare Trading Down 1.9%

The company has a market cap of $3.00 billion, a P/E ratio of -19.66 and a beta of 1.22. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. The business has a 50-day moving average price of $16.50 and a two-hundred day moving average price of $14.87.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.07. The company had revenue of $926.93 million during the quarter, compared to the consensus estimate of $889.83 million. Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The firm's quarterly revenue was up 47.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.25) earnings per share. On average, analysts predict that Alignment Healthcare, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In related news, Director Atlantic (Aln Hlth) L. General sold 17,000,000 shares of Alignment Healthcare stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.28, for a total transaction of $259,760,000.00. Following the completion of the sale, the director now directly owns 44,302,175 shares of the company's stock, valued at $676,937,234. The trade was a 27.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert L. Scavo sold 2,864 shares of Alignment Healthcare stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $17.89, for a total value of $51,236.96. Following the sale, the insider now directly owns 702,953 shares of the company's stock, valued at approximately $12,575,829.17. This trade represents a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,647,401 shares of company stock valued at $271,208,771 over the last three months. Company insiders own 7.00% of the company's stock.

Institutional Investors Weigh In On Alignment Healthcare

Institutional investors have recently made changes to their positions in the stock. US Bancorp DE grew its stake in shares of Alignment Healthcare by 6,544.2% during the fourth quarter. US Bancorp DE now owns 98,932 shares of the company's stock worth $1,113,000 after purchasing an additional 97,443 shares during the period. Barclays PLC grew its stake in Alignment Healthcare by 144.1% in the third quarter. Barclays PLC now owns 193,446 shares of the company's stock valued at $2,287,000 after acquiring an additional 114,191 shares during the period. Northern Trust Corp grew its stake in Alignment Healthcare by 8.6% in the fourth quarter. Northern Trust Corp now owns 908,964 shares of the company's stock valued at $10,226,000 after acquiring an additional 72,063 shares during the period. Franklin Resources Inc. acquired a new position in Alignment Healthcare in the fourth quarter valued at about $732,000. Finally, Proficio Capital Partners LLC acquired a new position in Alignment Healthcare in the fourth quarter valued at about $184,000. 86.19% of the stock is owned by institutional investors and hedge funds.

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.