Bank of America Corp DE Has $3.32 Million Position in Alignment Healthcare, Inc. (NASDAQ:ALHC)

Bank of America Corp DE reduced its holdings in Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) by 28.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 294,748 shares of the company's stock after selling 119,853 shares during the quarter. Bank of America Corp DE owned about 0.15% of Alignment Healthcare worth $3,316,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALHC. Vanguard Group Inc. raised its holdings in shares of Alignment Healthcare by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 9,818,071 shares of the company's stock worth $110,453,000 after buying an additional 166,837 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Alignment Healthcare by 54.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,649,042 shares of the company's stock worth $97,302,000 after buying an additional 3,059,596 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Alignment Healthcare by 77.9% in the 4th quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company's stock worth $83,683,000 after buying an additional 3,257,630 shares in the last quarter. Hood River Capital Management LLC raised its holdings in shares of Alignment Healthcare by 39.6% in the 4th quarter. Hood River Capital Management LLC now owns 4,952,995 shares of the company's stock worth $55,721,000 after buying an additional 1,405,212 shares in the last quarter. Finally, 8 Knots Management LLC raised its holdings in shares of Alignment Healthcare by 49.5% in the 4th quarter. 8 Knots Management LLC now owns 3,658,695 shares of the company's stock worth $41,160,000 after buying an additional 1,211,727 shares in the last quarter. 86.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ALHC. UBS Group lifted their target price on shares of Alignment Healthcare from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. William Blair reissued an "outperform" rating on shares of Alignment Healthcare in a report on Friday, February 28th. Barclays boosted their price target on shares of Alignment Healthcare from $8.00 to $9.00 and gave the stock an "underweight" rating in a research report on Friday, February 28th. Stifel Nicolaus upped their price target on shares of Alignment Healthcare from $18.00 to $23.00 and gave the company a "buy" rating in a research note on Tuesday, April 8th. Finally, Piper Sandler upped their price target on shares of Alignment Healthcare from $14.00 to $21.00 and gave the company an "overweight" rating in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.17.

Insider Transactions at Alignment Healthcare

In other Alignment Healthcare news, CEO John E. Kao sold 90,000 shares of Alignment Healthcare stock in a transaction on Monday, May 12th. The shares were sold at an average price of $14.84, for a total transaction of $1,335,600.00. Following the completion of the sale, the chief executive officer now owns 1,913,100 shares of the company's stock, valued at $28,390,404. This trade represents a 4.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Atlantic (Aln Hlth) L. General sold 17,000,000 shares of the business's stock in a transaction dated 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 transaction, the director now owns 44,302,175 shares in the company, valued at approximately $676,937,234. The trade was a 27.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,891,977 shares of company stock worth $290,517,011. Corporate insiders own 7.00% of the company's stock.

Alignment Healthcare Stock Performance

Alignment Healthcare stock traded down $0.08 during trading hours on Tuesday, hitting $15.43. 1,141,994 shares of the stock traded hands, compared to its average volume of 1,982,775. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.60 and a quick ratio of 1.60. The firm's 50 day moving average price is $16.95 and its 200-day moving average price is $14.74. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of -20.04 and a beta of 1.32. Alignment Healthcare, Inc. has a 1 year low of $7.05 and a 1 year high of $21.06.

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, beating the consensus estimate of ($0.12) by $0.07. Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The business had revenue of $926.93 million for the quarter, compared to the consensus estimate of $889.83 million. During the same quarter last year, the business posted ($0.25) earnings per share. The business's quarterly revenue was up 47.5% compared to the same quarter last year. As a group, equities analysts expect that Alignment Healthcare, Inc. will post -0.69 EPS for the current fiscal year.

About Alignment Healthcare

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.