Alignment Healthcare, Inc. (NASDAQ:ALHC) Shares Bought by TD Asset Management Inc

Key Points

• TD Asset Management Inc increased its stake in Alignment Healthcare by 8.2%, owning 464,896 shares valued at $8.66 million.
• Insider selling included Dawn Christine Maroney selling 30,000 shares and Robert L. Scavo selling 60,000 shares, collectively reducing their positions by 1.45% and 8.54%, respectively.
• Alignment Healthcare reported a 49% increase in revenue year-over-year, with earnings per share of $0.07, surpassing analyst expectations.

TD Asset Management Inc boosted its holdings in Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) by 8.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 464,896 shares of the company's stock after purchasing an additional 35,288 shares during the quarter. TD Asset Management Inc owned approximately 0.24% of Alignment Healthcare worth $8,656,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP increased its stake 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 worth $83,683,000 after acquiring an additional 3,257,630 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Alignment Healthcare by 54.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,649,042 shares of the company's stock valued at $97,302,000 after purchasing an additional 3,059,596 shares during the last quarter. Millennium Management LLC raised 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 valued at $38,122,000 after buying an additional 2,896,311 shares during the period. Point72 Asset Management L.P. bought a new stake in Alignment Healthcare in the fourth quarter worth $20,087,000. Finally, Broad Bay Capital Management LP bought a new position in Alignment Healthcare during the fourth quarter valued at $18,804,000. Hedge funds and other institutional investors own 86.19% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on ALHC. Wall Street Zen raised shares of Alignment Healthcare from a "hold" rating to a "buy" rating in a research note on Saturday. Robert W. Baird boosted their target price on Alignment Healthcare from $17.00 to $22.00 and gave the company an "outperform" rating in a research report on Tuesday, April 15th. UBS Group increased their price target on Alignment Healthcare from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Stephens upgraded Alignment Healthcare to a "strong-buy" rating in a report on Monday, June 2nd. Finally, Barclays raised Alignment Healthcare from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $9.00 to $13.00 in a research report on Thursday. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $17.61.

Insiders Place Their Bets

In other news, President Dawn Christine Maroney sold 30,000 shares of the firm's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $13.44, for a total value of $403,200.00. Following the completion of the sale, the president owned 2,042,899 shares of the company's stock, valued at $27,456,562.56. This trade represents a 1.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert L. Scavo sold 60,000 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $14.60, for a total value of $876,000.00. Following the transaction, the insider owned 642,953 shares in the company, valued at approximately $9,387,113.80. This trade represents a 8.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,700,753 shares of company stock valued at $269,911,757. Company insiders own 7.00% of the company's stock.

Alignment Healthcare Stock Down 5.9%

ALHC stock traded down $0.81 during trading on Friday, hitting $12.97. 3,566,563 shares of the company's stock traded hands, compared to its average volume of 3,659,441. The business has a fifty day simple moving average of $13.89 and a two-hundred day simple moving average of $15.32. The company has a quick ratio of 1.69, a current ratio of 1.66 and a debt-to-equity ratio of 2.29. The firm has a market capitalization of $2.57 billion, a P/E ratio of -46.32 and a beta of 1.16. Alignment Healthcare, Inc. has a 1 year low of $7.92 and a 1 year high of $21.06.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.14. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $960.25 million. Alignment Healthcare had a negative return on equity of 43.68% and a negative net margin of 1.53%. During the same quarter last year, the company earned ($0.13) earnings per share. The firm's revenue for the quarter was up 49.0% compared to the same quarter last year. Sell-side analysts anticipate that Alignment Healthcare, Inc. will post -0.69 EPS for the current year.

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.