Alignment Healthcare (NASDAQ:ALHC) Stock Gets Price Target Trim from TD Cowen

Alignment Healthcare (NASDAQ:ALHC) had its price target lowered by TD Cowen from $12.00 to $10.00 in a research report report published on Monday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

Several other research firms have also commented on ALHC. KeyCorp lowered shares of Alignment Healthcare from an “overweight” rating to a “sector weight” rating in a research note on Friday, October 30th. Scotiabank set a $9.00 price objective on shares of Alignment Healthcare in a report on Friday, October 9th. Barclays reduced their target price on shares of Alignment Healthcare from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Friday, October 30th. Raymond James Financial restated an “outperform” rating on shares of Alignment Healthcare in a research note on Monday, October 12th. Finally, Needham & Company LLC initiated coverage on Alignment Healthcare in a research report on Wednesday, October 28th. They set a “hold” rating on the stock. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $14.00.

Alignment Healthcare Price Performance

Alignment Healthcare stock opened at $8.14 on Monday. The company’s 50 day simple moving average is $9.52 and its 200-day simple moving average is $16.61. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.71 and a current ratio of 1.71. Alignment Healthcare has a 1 year low of $6.01 and a 1 year high of $25.12. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 62.62 and a beta of 1.07.

Alignment Healthcare (NASDAQ:ALHC) last announced its earnings results on Thursday, October 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). Alignment Healthcare had a return on equity of 12.46% and a net margin of 0.59%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the previous year, the company earned $0.02 earnings per share. The firm’s quarterly revenue was up 36.7% compared to the same quarter last year. As a group, equities research analysts expect that Alignment Healthcare will post 0.09 earnings per share for the current year.

Insider Activity at Alignment Healthcare

In other news, insider Hyong Kim sold 32,479 shares of the company’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $8.30, for a total value of $269,575.70. Following the completion of the transaction, the insider owned 299,271 shares in the company, valued at approximately $2,483,949.30. This represents a 9.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Kao sold 385,270 shares of the stock in a transaction on Friday, September 11th. The shares were sold at an average price of $12.68, for a total transaction of $4,885,223.60. Following the completion of the transaction, the chief executive officer directly owned 1,223,473 shares in the company, valued at $15,513,637.64. This trade represents a 23.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 1,061,967 shares of company stock worth $13,642,490. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALHC. Wellington Management Group LLP grew its position in shares of Alignment Healthcare by 9.8% during the second quarter. Wellington Management Group LLP now owns 18,780,363 shares of the company’s stock worth $447,160,000 after acquiring an additional 1,681,427 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in Alignment Healthcare during the 2nd quarter worth $184,799,000. Danica Pension Livsforsikringsaktieselskab acquired a new stake in Alignment Healthcare during the 2nd quarter worth $87,794,000. Bank of New York Mellon Corp acquired a new position in Alignment Healthcare in the second quarter valued at $87,077,000. Finally, Bank of America Corp DE increased its stake in Alignment Healthcare by 156.5% in the first quarter. Bank of America Corp DE now owns 3,215,667 shares of the company’s stock valued at $56,660,000 after purchasing an additional 1,961,778 shares during the period. Institutional investors and hedge funds own 86.19% of the company’s stock.

About Alignment Healthcare

Alignment Healthcare, Inc is a technology-enabled health insurance company focused on providing Medicare Advantage plans for seniors. The company combines health plan coverage with care coordination and clinical services designed to help members manage chronic conditions, access providers and navigate the health care system.

Its offerings include Medicare Advantage plans, supplemental benefits and member support services. Alignment also uses its proprietary technology platform, including the Alignment Virtual Application (AVA), to support care teams, analyze health information and help deliver more personalized services to members.

Founded in 2013, Alignment Healthcare serves Medicare-eligible consumers in selected markets, including California, Florida, Nevada and North Carolina.