Alignment Healthcare (NASDAQ:ALHC) Stock Rating Upgraded by Bank of America

Alignment Healthcare (NASDAQ:ALHCGet Rating) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Thursday, The Fly reports.

Other analysts have also issued reports about the stock. SVB Leerink initiated coverage on shares of Alignment Healthcare in a research note on Monday, April 4th. They issued an “outperform” rating and a $19.00 price target for the company. Morgan Stanley reduced their target price on shares of Alignment Healthcare from $25.00 to $21.00 and set an “overweight” rating for the company in a report on Monday, March 7th. Cowen dropped their price objective on Alignment Healthcare from $24.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, March 4th. Zacks Investment Research downgraded shares of Alignment Healthcare from a “buy” rating to a “hold” rating in a report on Monday, May 9th. Finally, Piper Sandler dropped their price target on Alignment Healthcare from $25.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday, February 24th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $17.89.

NASDAQ ALHC opened at $10.86 on Thursday. The company has a quick ratio of 3.31, a current ratio of 2.90 and a debt-to-equity ratio of 0.52. Alignment Healthcare has a 12-month low of $6.14 and a 12-month high of $27.92. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -10.75 and a beta of 2.54. The company has a 50-day simple moving average of $10.27 and a two-hundred day simple moving average of $11.42.

Alignment Healthcare (NASDAQ:ALHCGet Rating) last posted its earnings results on Thursday, May 5th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.01. Alignment Healthcare had a negative return on equity of 56.68% and a negative net margin of 14.38%. During the same quarter in the prior year, the business posted ($0.37) EPS. Equities analysts expect that Alignment Healthcare will post -0.98 earnings per share for the current fiscal year.

In other news, CFO Robert Thomas Freeman sold 4,944 shares of the business’s stock in a transaction on Thursday, March 31st. The stock was sold at an average price of $11.18, for a total value of $55,273.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Donald Steven Furman sold 3,006 shares of the firm’s stock in a transaction dated Thursday, March 31st. The shares were sold at an average price of $11.18, for a total value of $33,607.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,908 shares of company stock worth $401,451.

Institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in Alignment Healthcare by 1.4% in the third quarter. Geode Capital Management LLC now owns 592,579 shares of the company’s stock worth $9,469,000 after acquiring an additional 8,060 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in Alignment Healthcare during the 3rd quarter valued at approximately $400,000. Hood River Capital Management LLC increased its stake in shares of Alignment Healthcare by 15.8% in the third quarter. Hood River Capital Management LLC now owns 1,535,610 shares of the company’s stock worth $24,539,000 after acquiring an additional 209,969 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Alignment Healthcare by 1.7% during the third quarter. Goldman Sachs Group Inc. now owns 970,006 shares of the company’s stock worth $15,501,000 after purchasing an additional 16,580 shares during the last quarter. Finally, Manchester Capital Management LLC acquired a new position in Alignment Healthcare during the third quarter valued at $688,000. Institutional investors own 82.68% of the company’s stock.

Alignment Healthcare Company Profile (Get Rating)

Alignment Healthcare, Inc, a tech-enabled Medicare advantage company, operates consumer-centric health care platform. It provides customized health care in the United States to seniors and those who need it through its Medicare advantage plans. The company owns Medicare advantage plans in the states of California, North Carolina, and Nevada.

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