Assenagon Asset Management S.A. Reduces Stake in Alignment Healthcare, Inc. $ALHC

Key Points

• Assenagon Asset Management cut its Alignment Healthcare stake by 73.9% in the second quarter, selling 113,013 shares and retaining 39,833 shares valued at approximately $948,000. Institutional investors and hedge funds collectively own 86.19% of ALHC.
• Insider activity was mixed: an insider sold 35,951 shares under a pre-arranged trading plan, while another purchased 14,848 shares. Insiders sold roughly $18.6 million worth of stock over the past 90 days.
• Alignment Healthcare exceeded quarterly expectations, reporting $0.17 EPS versus the $0.13 consensus and $1.34 billion in revenue, up 31.6% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $23.60, despite several recent rating downgrades.

Assenagon Asset Management S.A. cut its holdings in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) by 73.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,833 shares of the company's stock after selling 113,013 shares during the period. Assenagon Asset Management S.A.'s holdings in Alignment Healthcare were worth $948,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALHC. GAMMA Investing LLC grew its position in Alignment Healthcare by 46.6% during the second quarter. GAMMA Investing LLC now owns 3,368 shares of the company's stock valued at $80,000 after buying an additional 1,070 shares during the period. Versant Capital Management Inc increased its stake in shares of Alignment Healthcare by 463.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,380 shares of the company's stock valued at $33,000 after purchasing an additional 1,135 shares in the last quarter. Bank of America Corp DE raised its holdings in Alignment Healthcare by 156.5% in the 1st quarter. Bank of America Corp DE now owns 3,215,667 shares of the company's stock worth $56,660,000 after purchasing an additional 1,961,778 shares during the period. Edgestream Partners L.P. acquired a new position in Alignment Healthcare in the 1st quarter worth about $4,852,000. Finally, California State Teachers Retirement System boosted its position in Alignment Healthcare by 25.4% during the first quarter. California State Teachers Retirement System now owns 198,200 shares of the company's stock worth $3,492,000 after purchasing an additional 40,135 shares in the last quarter. 86.19% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Alignment Healthcare news, insider Hyong Kim sold 35,951 shares of the business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $19.86, for a total value of $713,986.86. Following the transaction, the insider directly owned 331,750 shares in the company, valued at $6,588,555. The trade was a 9.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mark D. Kent purchased 14,848 shares of the company's stock in a transaction dated Tuesday, June 2nd. The stock was purchased at an average cost of $13.31 per share, with a total value of $197,626.88. Following the purchase, the insider owned 14,848 shares in the company, valued at approximately $197,626.88. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 1,009,951 shares of company stock worth $18,597,287 over the last ninety days. 5.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ALHC shares. Barclays reduced their price target on shares of Alignment Healthcare from $19.00 to $16.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 26th. Zacks Research cut Alignment Healthcare from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Wall Street Zen lowered Alignment Healthcare from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. KeyCorp reissued an "overweight" rating on shares of Alignment Healthcare in a report on Wednesday, June 10th. Finally, UBS Group restated a "neutral" rating on shares of Alignment Healthcare in a research report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $23.60.

Alignment Healthcare Price Performance

NASDAQ:ALHC opened at $13.96 on Friday. Alignment Healthcare, Inc. has a one year low of $13.05 and a one year high of $25.12. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.70 and a current ratio of 1.70. The stock has a market cap of $2.90 billion, a PE ratio of 73.48 and a beta of 1.10. The stock has a 50 day moving average price of $19.43 and a 200 day moving average price of $19.15.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.17 earnings per share for the quarter, topping 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 return on equity of 20.02% and a net margin of 0.89%.The firm's revenue for the quarter was up 31.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 earnings per share. Equities research analysts expect that Alignment Healthcare, Inc. will post 0.17 EPS for the current fiscal year.

Alignment Healthcare Profile

Alignment Healthcare, Inc NASDAQ: ALHC is a health care company specializing in value-based care for Medicare Advantage beneficiaries. The company leverages an integrated care model that combines in-home clinical services, telehealth capabilities and digital health tools to manage chronic conditions, improve outcomes and enhance patient experience.

At the core of Alignment Healthcare's approach is a proprietary technology platform that aggregates real-time clinical and claims data to support preventive care, risk stratification and personalized care plans.

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