Bank of New York Mellon Corp Acquires Shares of 3,657,160 Alignment Healthcare, Inc. $ALHC

Key Points

• Bank of New York Mellon acquired 3.66 million shares of Alignment Healthcare in the second quarter, valued at approximately $87.1 million and representing a 1.76% stake. Institutional investors collectively own 86.19% of the company.
• Analyst sentiment remains positive but mixed: Alignment Healthcare has a “Moderate Buy” consensus rating and an average price target of $23.60, although several firms recently downgraded or reduced their targets.
• The company beat quarterly expectations with adjusted EPS of $0.17 versus $0.13 forecast and revenue of $1.34 billion, up 31.6% year over year. However, insiders sold more than 1 million shares worth approximately $18.6 million over the past 90 days, while the stock recently traded at $13.59.

Bank of New York Mellon Corp acquired a new stake in Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,657,160 shares of the company's stock, valued at approximately $87,077,000. Bank of New York Mellon Corp owned 1.76% of Alignment Healthcare at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. State of Wyoming purchased a new stake in Alignment Healthcare in the 2nd quarter valued at $674,000. GSA Capital Partners LLP purchased a new position in Alignment Healthcare during the 2nd quarter worth $2,057,000. Handelsbanken Fonder AB increased its stake in Alignment Healthcare by 85.7% in the second quarter. Handelsbanken Fonder AB now owns 55,700 shares of the company's stock valued at $1,326,000 after purchasing an additional 25,700 shares during the period. GAMMA Investing LLC raised its holdings in shares of Alignment Healthcare by 46.6% in 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 last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Alignment Healthcare by 463.3% in the second quarter. Versant Capital Management Inc now owns 1,380 shares of the company's stock valued at $33,000 after buying an additional 1,135 shares during the last quarter. 86.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on ALHC shares. Zacks Research cut Alignment Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Wall Street Zen cut Alignment Healthcare from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Barclays lowered their target price on Alignment Healthcare from $19.00 to $16.00 and set an "equal weight" rating on the stock in a research note on Tuesday, May 26th. JPMorgan Chase & Co. dropped their target price on Alignment Healthcare from $26.00 to $22.00 and set an "overweight" rating on the stock in a report on Tuesday, August 4th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Alignment Healthcare in a research note on Tuesday, August 4th. Seven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $23.60.

Insider Transactions at Alignment Healthcare

In other Alignment Healthcare news, insider Hyong Kim sold 35,951 shares of the firm's stock in a transaction on 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 sale, the insider owned 331,750 shares of the company's stock, valued at approximately $6,588,555. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $600,000.00. Following the sale, the executive vice president owned 1,103,816 shares in the company, valued at $26,491,584. The trade was a 2.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,009,951 shares of company stock valued at $18,597,287. 5.20% of the stock is owned by company insiders.

Alignment Healthcare Price Performance

Shares of NASDAQ:ALHC opened at $13.59 on Wednesday. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 1.22. The company has a market cap of $2.82 billion, a P/E ratio of 71.53 and a beta of 1.10. Alignment Healthcare, Inc. has a 52 week low of $12.70 and a 52 week high of $25.12. The company has a 50-day moving average price of $18.57 and a 200 day moving average price of $18.68.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.04. The company had revenue of $1.34 billion for the quarter, compared to analysts' expectations of $1.31 billion. Alignment Healthcare had a return on equity of 20.02% and a net margin of 0.89%.The firm's quarterly revenue was up 31.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. Research analysts predict that Alignment Healthcare, Inc. will post 0.17 earnings per share for the current year.

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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