Alignment Healthcare (NASDAQ:ALHC) Sets New 52-Week Low on Insider Selling

Alignment Healthcare, Inc. (NASDAQ:ALHC – Get Rating)’s stock price reached a new 52-week low on Wednesday following insider selling activity. The stock traded as low as $5.88 and last traded at $5.88, with a volume of 35593 shares trading hands. The stock had previously closed at $6.18.

Specifically, insider Dawn Christine Maroney sold 5,000 shares of the company’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $12.54, for a total transaction of $62,700.00. Following the completion of the transaction, the insider now directly owns 1,965,692 shares in the company, valued at approximately $24,649,777.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Alignment Healthcare news, CFO Robert Thomas Freeman sold 13,470 shares of the business’s stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $6.33, for a total value of $85,265.10. Following the sale, the chief financial officer now owns 717,978 shares of the company’s stock, valued at approximately $4,544,800.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Dawn Christine Maroney sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $12.54, for a total transaction of $62,700.00. Following the completion of the sale, the insider now directly owns 1,965,692 shares in the company, valued at approximately $24,649,777.68. The disclosure for this sale can be found here. Insiders sold a total of 92,625 shares of company stock worth $706,511 in the last ninety days. 5.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ALHC. The Goldman Sachs Group lowered their target price on shares of Alignment Healthcare from $21.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, March 3rd. Raymond James lowered shares of Alignment Healthcare from an “outperform” rating to a “market perform” rating in a report on Monday, November 21st. TD Cowen reduced their price target on shares of Alignment Healthcare from $17.00 to $10.00 and set an “outperform” rating on the stock in a research report on Thursday, March 2nd. JPMorgan Chase & Co. downgraded shares of Alignment Healthcare from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $22.00 to $12.00 in a research report on Thursday, February 23rd. Finally, Piper Sandler reduced their price target on shares of Alignment Healthcare from $19.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, March 3rd. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.64.

Alignment Healthcare Stock Down 1.2 %

The company has a current ratio of 2.37, a quick ratio of 2.37 and a debt-to-equity ratio of 0.67. The firm’s 50 day moving average price is $10.26 and its two-hundred day moving average price is $11.81. The company has a market capitalization of $1.13 billion, a P/E ratio of -7.33 and a beta of 1.86.

Institutional Investors Weigh In On Alignment Healthcare

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its stake in Alignment Healthcare by 2.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 8,805,887 shares of the company’s stock valued at $100,475,000 after purchasing an additional 236,652 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in Alignment Healthcare by 15.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,470,181 shares of the company’s stock valued at $99,610,000 after acquiring an additional 1,108,973 shares during the last quarter. Vanguard Group Inc. grew its position in Alignment Healthcare by 25.1% in the third quarter. Vanguard Group Inc. now owns 8,117,393 shares of the company’s stock valued at $96,111,000 after acquiring an additional 1,626,831 shares during the last quarter. Durable Capital Partners LP grew its position in Alignment Healthcare by 2,079.2% in the first quarter. Durable Capital Partners LP now owns 5,908,220 shares of the company’s stock valued at $66,349,000 after acquiring an additional 5,637,102 shares during the last quarter. Finally, BlackRock Inc. grew its position in Alignment Healthcare by 21.8% in the third quarter. BlackRock Inc. now owns 5,698,621 shares of the company’s stock valued at $67,471,000 after acquiring an additional 1,020,637 shares during the last quarter. Institutional investors and hedge funds own 83.49% of the company’s stock.

About Alignment Healthcare

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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, Nevada, and Arizona.