Alignment Healthcare, Inc. $ALHC Stock Position Lifted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Alignment Healthcare stake by 1,964% in the third quarter, owning 822,164 shares worth approximately $6.7 million. Institutional investors collectively own 86.19% of the company.
• Analysts maintain a generally positive outlook, with seven Buy ratings and five Holds, producing a consensus “Moderate Buy” rating and an average price target of $16.82. However, TD Cowen and Barclays recently lowered their price targets.
• Alignment Healthcare reported quarterly EPS of $0.17, exceeding the $0.13 consensus estimate, while revenue rose 31.6% year over year to $1.34 billion. Shares opened at $8.51, well below their 12-month high of $25.12.

Assenagon Asset Management S.A. increased its holdings in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) by 1,964.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 822,164 shares of the company's stock after buying an additional 782,331 shares during the period. Assenagon Asset Management S.A. owned about 0.40% of Alignment Healthcare worth $6,709,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ALHC. Wellington Management Group LLP lifted its holdings in Alignment Healthcare by 9.8% during the 2nd quarter. Wellington Management Group LLP now owns 18,780,363 shares of the company's stock worth $447,160,000 after buying an additional 1,681,427 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Alignment Healthcare during the second quarter worth approximately $184,799,000. Danica Pension Livsforsikringsaktieselskab purchased a new stake in shares of Alignment Healthcare during the second quarter worth approximately $87,794,000. Bank of New York Mellon Corp purchased a new stake in shares of Alignment Healthcare during the second quarter worth approximately $87,077,000. Finally, Bank of America Corp DE raised its holdings in Alignment Healthcare by 156.5% in the first quarter. Bank of America Corp DE now owns 3,215,667 shares of the company's stock valued at $56,660,000 after acquiring an additional 1,961,778 shares in the last quarter. 86.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ALHC shares. Wall Street Zen cut Alignment Healthcare from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Zacks Research downgraded Alignment Healthcare from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. TD Cowen cut their target price on Alignment Healthcare from $21.00 to $12.00 and set a "buy" rating on the stock in a research report on Monday, October 12th. Barclays reduced their price objective on shares of Alignment Healthcare from $16.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 6th. Finally, Raymond James Financial restated an "outperform" rating on shares of Alignment Healthcare in a report on Monday, October 12th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $16.82.

Alignment Healthcare Stock Performance

Shares of Alignment Healthcare stock opened at $8.51 on Wednesday. The firm's fifty day simple moving average is $10.72 and its 200-day simple moving average is $16.18. Alignment Healthcare, Inc. has a 12 month low of $6.01 and a 12 month high of $25.12. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 44.79 and a beta of 1.14. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.70 and a quick ratio of 1.70.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.04. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.31 billion. Alignment Healthcare had a net margin of 0.89% and a return on equity of 20.02%. Alignment Healthcare's quarterly revenue was up 31.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 earnings per share. As a group, equities analysts forecast that Alignment Healthcare, Inc. will post 0.14 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO John E. Kao sold 27,400 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $13.00, for a total value of $356,200.00. Following the transaction, the chief executive officer owned 590,766 shares of the company's stock, valued at approximately $7,679,958. The trade was a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Hyong Kim sold 32,479 shares of the business's stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $8.30, for a total value of $269,575.70. Following the completion of the transaction, the insider directly owned 299,271 shares in the company, valued at approximately $2,483,949.30. The trade was a 9.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,061,967 shares of company stock valued at $13,642,490 over the last 90 days. Insiders own 5.20% of the company's stock.

Alignment Healthcare Company Profile

Alignment Healthcare, Inc is a technology-enabled health insurance company focused on providing Medicare Advantage plans for seniors. The company combines health plan coverage with care coordination and clinical services designed to help members manage chronic conditions, access providers and navigate the health care system.

Its offerings include Medicare Advantage plans, supplemental benefits and member support services. Alignment also uses its proprietary technology platform, including the Alignment Virtual Application (AVA), to support care teams, analyze health information and help deliver more personalized services to members.

Founded in 2013, Alignment Healthcare serves Medicare-eligible consumers in selected markets, including California, Florida, Nevada and North Carolina.

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