Bank of America Corp DE Purchases 1,961,778 Shares of Alignment Healthcare, Inc. $ALHC

Bank of America Corp DE raised its position in Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) by 156.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,215,667 shares of the company's stock after acquiring an additional 1,961,778 shares during the quarter. Bank of America Corp DE owned approximately 1.56% of Alignment Healthcare worth $56,660,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. 1492 Capital Management LLC lifted its holdings in Alignment Healthcare by 61.8% in the 4th quarter. 1492 Capital Management LLC now owns 324,865 shares of the company's stock worth $6,416,000 after buying an additional 124,143 shares during the period. Danica Pension Livsforsikringsaktieselskab purchased a new position in shares of Alignment Healthcare during the fourth quarter valued at approximately $39,500,000. William Blair Investment Management LLC increased its stake in shares of Alignment Healthcare by 8.7% during the fourth quarter. William Blair Investment Management LLC now owns 2,305,255 shares of the company's stock valued at $45,529,000 after buying an additional 185,303 shares during the period. Simplify Asset Management Inc. raised its holdings in shares of Alignment Healthcare by 92.0% during the fourth quarter. Simplify Asset Management Inc. now owns 262,880 shares of the company's stock valued at $5,192,000 after acquiring an additional 125,946 shares in the last quarter. Finally, Investment House LLC bought a new position in shares of Alignment Healthcare during the fourth quarter valued at approximately $1,665,000. 86.19% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Alignment Healthcare news, EVP Joseph S. Konowiecki sold 25,000 shares of the business's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $24.00, for a total value of $600,000.00. Following the sale, the executive vice president directly owned 1,103,816 shares of the company's stock, valued at approximately $26,491,584. The trade was a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Hyong Kim sold 35,951 shares of Alignment Healthcare stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $19.86, for a total value of $713,986.86. Following the completion of the transaction, the insider directly owned 331,750 shares of the company's stock, valued at approximately $6,588,555. This represents a 9.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,039,951 shares of company stock worth $19,079,987 over the last three months. Corporate insiders own 5.20% of the company's stock.

Alignment Healthcare Stock Down 4.2%

Shares of Alignment Healthcare stock opened at $13.20 on Wednesday. Alignment Healthcare, Inc. has a 1 year low of $13.05 and a 1 year high of $25.12. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.70 and a quick ratio of 1.70. The company has a 50-day moving average of $19.51 and a 200 day moving average of $19.33. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of 69.48 and a beta of 1.10.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.04. Alignment Healthcare had a net margin of 0.89% and a return on equity of 20.02%. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the firm earned $0.07 earnings per share. The business's revenue for the quarter was up 31.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Alignment Healthcare, Inc. will post 0.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target on Alignment Healthcare from $26.00 to $22.00 and set an "overweight" rating for the company in a research note on Tuesday, August 4th. Barclays decreased their price objective on shares of Alignment Healthcare from $19.00 to $16.00 and set an "equal weight" rating for the company in a report on Tuesday, May 26th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Alignment Healthcare in a research report on Tuesday, August 4th. Wall Street Zen lowered shares of Alignment Healthcare from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Raymond James Financial cut shares of Alignment Healthcare from a "strong-buy" rating to an "outperform" rating and reduced their price target for the company from $22.00 to $19.00 in a research report on Monday, August 3rd. Seven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.60.

Alignment Healthcare Company 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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