Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down to $6.83

Alignment Healthcare, Inc. (NASDAQ:ALHC - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $6.83, but opened at $6.67. Alignment Healthcare shares last traded at $6.87, with a volume of 83,044 shares traded.

Analyst Ratings Changes

Several analysts recently issued reports on ALHC shares. Barclays started coverage on shares of Alignment Healthcare in a research report on Wednesday, March 6th. They set an "underweight" rating and a $4.50 price target on the stock. Piper Sandler upgraded shares of Alignment Healthcare from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $6.00 to $8.00 in a research report on Wednesday, May 8th. UBS Group reduced their price target on shares of Alignment Healthcare from $9.00 to $8.50 and set a "neutral" rating on the stock in a research report on Wednesday, February 28th. Stifel Nicolaus reduced their price target on shares of Alignment Healthcare from $11.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, April 23rd. Finally, William Blair restated an "outperform" rating on shares of Alignment Healthcare in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $8.69.

Alignment Healthcare Price Performance

The company's 50 day moving average price is $5.23 and its 200-day moving average price is $6.51. The stock has a market cap of $1.32 billion, a P/E ratio of -8.24 and a beta of 1.23. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.23.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Alignment Healthcare had a negative return on equity of 91.06% and a negative net margin of 7.81%. The firm had revenue of $628.60 million for the quarter, compared to analysts' expectations of $599.75 million. During the same quarter last year, the firm posted ($0.20) earnings per share. The firm's revenue for the quarter was up 43.1% compared to the same quarter last year. As a group, sell-side analysts expect that Alignment Healthcare, Inc. will post -0.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Robert Thomas Freeman sold 11,858 shares of the company's stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $4.89, for a total transaction of $57,985.62. Following the sale, the chief financial officer now owns 898,228 shares of the company's stock, valued at approximately $4,392,334.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO John E. Kao bought 103,000 shares of the firm's stock in a transaction that occurred on Thursday, March 14th. The shares were acquired at an average price of $4.82 per share, with a total value of $496,460.00. Following the acquisition, the chief executive officer now owns 2,745,253 shares of the company's stock, valued at approximately $13,232,119.46. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert Thomas Freeman sold 11,858 shares of the company's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $4.89, for a total transaction of $57,985.62. Following the sale, the chief financial officer now directly owns 898,228 shares in the company, valued at approximately $4,392,334.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 90,213 shares of company stock valued at $460,587. Company insiders own 6.30% of the company's stock.

Hedge Funds Weigh In On Alignment Healthcare

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its stake in Alignment Healthcare by 17.9% in the 4th quarter. Victory Capital Management Inc. now owns 12,935 shares of the company's stock worth $111,000 after buying an additional 1,962 shares in the last quarter. Aigen Investment Management LP grew its stake in Alignment Healthcare by 18.5% in the 4th quarter. Aigen Investment Management LP now owns 19,764 shares of the company's stock worth $170,000 after buying an additional 3,092 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Alignment Healthcare by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 39,570 shares of the company's stock worth $196,000 after buying an additional 3,334 shares in the last quarter. Swiss National Bank boosted its stake in shares of Alignment Healthcare by 1.6% in the 3rd quarter. Swiss National Bank now owns 227,800 shares of the company's stock valued at $1,581,000 after purchasing an additional 3,500 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Alignment Healthcare by 18.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,289 shares of the company's stock valued at $269,000 after purchasing an additional 4,862 shares in the last quarter. Hedge funds and other institutional investors own 86.19% of the company's stock.

Alignment Healthcare Company 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.