Freestone Grove Partners LP Makes New Investment in Alignment Healthcare, Inc. (NASDAQ:ALHC)

Freestone Grove Partners LP bought a new stake in Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 177,614 shares of the company's stock, valued at approximately $1,998,000. Freestone Grove Partners LP owned about 0.09% of Alignment Healthcare at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Rhumbline Advisers lifted its position in shares of Alignment Healthcare by 2.2% during the 4th quarter. Rhumbline Advisers now owns 135,704 shares of the company's stock valued at $1,527,000 after acquiring an additional 2,937 shares during the period. MetLife Investment Management LLC grew its position in Alignment Healthcare by 5.6% in the 4th quarter. MetLife Investment Management LLC now owns 61,344 shares of the company's stock worth $690,000 after purchasing an additional 3,256 shares during the period. Alliancebernstein L.P. increased its stake in Alignment Healthcare by 2.8% in the 4th quarter. Alliancebernstein L.P. now owns 119,440 shares of the company's stock worth $1,344,000 after buying an additional 3,300 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Alignment Healthcare by 15.0% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 34,497 shares of the company's stock valued at $388,000 after buying an additional 4,497 shares during the period. Finally, R Squared Ltd bought a new stake in shares of Alignment Healthcare in the 4th quarter valued at about $55,000. 86.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ALHC. William Blair reiterated an "outperform" rating on shares of Alignment Healthcare in a report on Friday, February 28th. JPMorgan Chase & Co. increased their price objective on shares of Alignment Healthcare from $14.00 to $17.00 and gave the stock a "neutral" rating in a report on Thursday, March 6th. Stephens reaffirmed an "overweight" rating and issued a $17.00 price target on shares of Alignment Healthcare in a research note on Monday, February 24th. UBS Group lifted their price target on shares of Alignment Healthcare from $16.00 to $17.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Finally, Stifel Nicolaus increased their price objective on Alignment Healthcare from $18.00 to $23.00 and gave the stock a "buy" rating in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $17.17.

Insider Transactions at Alignment Healthcare

In other news, insider Robert L. Scavo sold 2,864 shares of the company's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $17.89, for a total value of $51,236.96. Following the completion of the transaction, the insider now owns 702,953 shares of the company's stock, valued at $12,575,829.17. This represents a 0.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO John E. Kao sold 90,000 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $14.23, for a total value of $1,280,700.00. Following the completion of the transaction, the chief executive officer now directly owns 2,183,100 shares of the company's stock, valued at approximately $31,065,513. This represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,181,855 shares of company stock worth $35,166,057 in the last three months. Company insiders own 6.60% of the company's stock.

Alignment Healthcare Stock Down 0.9 %

ALHC stock traded down $0.15 during midday trading on Thursday, hitting $15.38. The stock had a trading volume of 472,603 shares, compared to its average volume of 1,819,714. 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 has a market cap of $3.04 billion, a price-to-earnings ratio of -19.97 and a beta of 1.32. The business has a 50-day moving average of $17.36 and a two-hundred day moving average of $14.36. Alignment Healthcare, Inc. has a 52-week low of $6.66 and a 52-week high of $21.06.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.07. The business had revenue of $926.93 million for the quarter, compared to analyst estimates of $889.83 million. Alignment Healthcare had a negative return on equity of 108.69% and a negative net margin of 5.84%. The company's revenue was up 47.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.25) earnings per share. As a group, equities research analysts forecast that Alignment Healthcare, Inc. will post -0.69 earnings per share 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.