Alignment Healthcare, Inc. (NASDAQ:ALHC) Stake Boosted by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its stake in Alignment Healthcare by 9.1%, now holding approximately $10.82 million in shares, while other investors like Mackenzie Financial Corp and TD Asset Management Inc. also boosted their positions in the company.
• Insider trading activity included CEO John E. Kao selling 180,000 shares worth $2.41 million, reducing his ownership by 10.39%, and insider Christopher J. Joyce selling 15,491 shares, leading to a total of over $269 million in insider sales this quarter.
• Analysts have mixed opinions on the stock, with most recent reports showing target price increases and upgrades, while the average target price now stands at $17.61, suggesting a moderate buy outlook.

Federated Hermes Inc. grew its stake in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) by 9.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 581,283 shares of the company's stock after acquiring an additional 48,728 shares during the quarter. Federated Hermes Inc. owned about 0.29% of Alignment Healthcare worth $10,823,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in Alignment Healthcare by 77.9% during the 4th quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company's stock valued at $83,683,000 after purchasing an additional 3,257,630 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in shares of Alignment Healthcare by 54.7% in the fourth 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 during the last quarter. Millennium Management LLC lifted its position in shares of Alignment Healthcare by 588.3% in the fourth quarter. Millennium Management LLC now owns 3,388,602 shares of the company's stock valued at $38,122,000 after acquiring an additional 2,896,311 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Alignment Healthcare during the fourth quarter worth $20,087,000. Finally, Broad Bay Capital Management LP acquired a new stake in shares of Alignment Healthcare in the fourth quarter valued at $18,804,000. 86.19% of the stock is currently owned by institutional investors.

Alignment Healthcare Stock Up 1.6%

NASDAQ ALHC traded up $0.22 on Wednesday, reaching $13.63. The stock had a trading volume of 787,269 shares, compared to its average volume of 3,015,630. Alignment Healthcare, Inc. has a 1 year low of $8.17 and a 1 year high of $21.06. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 2.29. The company has a market capitalization of $2.70 billion, a price-to-earnings ratio of -48.71 and a beta of 1.16. The business has a 50 day moving average price of $13.84 and a 200 day moving average price of $15.32.

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

Insider Activity

In related news, insider Robert L. Scavo sold 60,000 shares of the company's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $14.60, for a total transaction of $876,000.00. Following the transaction, the insider directly owned 642,953 shares in the company, valued at approximately $9,387,113.80. This represents a 8.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Atlantic (Aln Hlth) L. General sold 17,000,000 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $15.28, for a total transaction of $259,760,000.00. Following the sale, the director directly owned 44,302,175 shares of the company's stock, valued at $676,937,234. The trade was a 27.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,700,753 shares of company stock worth $269,911,757 in the last quarter. 6.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ALHC. Stephens upgraded Alignment Healthcare to a "strong-buy" rating in a research report on Monday, June 2nd. Stifel Nicolaus increased their price target on Alignment Healthcare from $18.00 to $23.00 and gave the stock a "buy" rating in a research note on Tuesday, April 8th. Barclays raised Alignment Healthcare from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $9.00 to $13.00 in a research report on Thursday, July 31st. Wall Street Zen upgraded Alignment Healthcare from a "hold" rating to a "buy" rating in a report on Saturday. Finally, UBS Group raised their target price on shares of Alignment Healthcare from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Alignment Healthcare has a consensus rating of "Moderate Buy" and an average price target of $17.61.

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.