Broad Bay Capital Management LP Takes Position in Alignment Healthcare, Inc. (NASDAQ:ALHC)

Broad Bay Capital Management LP acquired a new stake in Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,671,440 shares of the company's stock, valued at approximately $18,804,000. Alignment Healthcare makes up 2.3% of Broad Bay Capital Management LP's investment portfolio, making the stock its 17th largest holding. Broad Bay Capital Management LP owned approximately 0.87% of Alignment Healthcare at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new stake in Alignment Healthcare in the fourth quarter valued at $55,000. RiverPark Advisors LLC acquired a new stake in shares of Alignment Healthcare during the fourth quarter worth about $106,000. Tower Research Capital LLC TRC lifted its holdings in shares of Alignment Healthcare by 146.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,571 shares of the company's stock valued at $119,000 after purchasing an additional 6,286 shares during the last quarter. Ballentine Partners LLC acquired a new stake in shares of Alignment Healthcare in the 4th quarter valued at about $121,000. Finally, Aigen Investment Management LP purchased a new position in Alignment Healthcare during the 4th quarter worth approximately $129,000. 86.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ALHC. William Blair reissued an "outperform" rating on shares of Alignment Healthcare in a report on Friday, February 28th. UBS Group increased their price target on shares of Alignment Healthcare from $16.00 to $17.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Barclays lifted 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. Robert W. Baird raised their price target on Alignment Healthcare from $17.00 to $22.00 and gave the stock an "outperform" rating in a report on Tuesday, April 15th. Finally, Bank of America boosted their price target on Alignment Healthcare from $15.50 to $18.50 and gave the company a "buy" rating in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $17.17.

Alignment Healthcare Price Performance

ALHC stock traded down $0.30 on Friday, reaching $15.12. 1,513,816 shares of the company's stock were exchanged, compared to its average volume of 1,829,821. The stock has a fifty day moving average of $17.34 and a 200-day moving average of $14.43. The firm has a market cap of $2.99 billion, a PE ratio of -19.64 and a beta of 1.32. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. Alignment Healthcare, Inc. has a twelve month low of $6.66 and a twelve month high of $21.06.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last posted its quarterly 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 business had revenue of $926.93 million for the quarter, compared to analysts' expectations of $889.83 million. Alignment Healthcare had a negative net margin of 5.84% and a negative return on equity of 108.69%. The business's revenue for the quarter was up 47.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.25) EPS. As a group, equities analysts predict that Alignment Healthcare, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, CFO Robert Thomas Freeman sold 250,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $15.58, for a total value of $3,895,000.00. Following the sale, the chief financial officer now directly owns 1,635,849 shares in the company, valued at $25,486,527.42. This represents a 13.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Sebastian Burzacchi sold 6,694 shares of Alignment Healthcare stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $16.40, for a total value of $109,781.60. Following the transaction, the chief operating officer now owns 250,378 shares of the company's stock, valued at $4,106,199.20. This represents a 2.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,181,855 shares of company stock worth $35,166,057. Company insiders own 6.60% of the company's stock.

Alignment Healthcare 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.