Alignment Healthcare, Inc. (NASDAQ:ALHC) Sees Significant Increase in Short Interest

Alignment Healthcare, Inc. (NASDAQ:ALHC) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 4,010,000 shares, a growth of 9.0% from the October 15th total of 3,680,000 shares. Currently, 4.2% of the company’s shares are sold short. Based on an average daily volume of 594,500 shares, the short-interest ratio is currently 6.7 days.

Analysts Set New Price Targets

ALHC has been the subject of several recent research reports. Bank of America cut shares of Alignment Healthcare from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $7.50 to $7.25 in a report on Thursday, November 2nd. Morgan Stanley reduced their target price on shares of Alignment Healthcare from $19.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, August 30th. Stephens initiated coverage on shares of Alignment Healthcare in a report on Wednesday, October 11th. They set an “equal weight” rating and a $9.00 target price for the company. Finally, Raymond James upgraded shares of Alignment Healthcare from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $9.00 to $10.00 in a report on Monday, October 16th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Alignment Healthcare currently has a consensus rating of “Moderate Buy” and an average target price of $10.23.

Insider Activity

In other news, Chairman Joseph S. Konowiecki sold 4,898 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $5.90, for a total value of $28,898.20. Following the completion of the transaction, the chairman now owns 1,188,221 shares in the company, valued at $7,010,503.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Joseph S. Konowiecki sold 4,898 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $5.90, for a total value of $28,898.20. Following the completion of the transaction, the chairman now owns 1,188,221 shares in the company, valued at $7,010,503.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey H. Margolis sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $8.00, for a total transaction of $48,000.00. Following the completion of the transaction, the director now owns 419,533 shares of the company’s stock, valued at approximately $3,356,264. The disclosure for this sale can be found here. Insiders sold 26,372 shares of company stock worth $157,363 over the last quarter. 6.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alignment Healthcare

Several large investors have recently modified their holdings of ALHC. Bessemer Group Inc. bought a new position in shares of Alignment Healthcare in the first quarter valued at about $30,000. Tower Research Capital LLC TRC raised its position in shares of Alignment Healthcare by 158.7% in the second quarter. Tower Research Capital LLC TRC now owns 7,583 shares of the company’s stock valued at $44,000 after purchasing an additional 4,652 shares during the period. UBS Group AG raised its position in shares of Alignment Healthcare by 588.1% in the third quarter. UBS Group AG now owns 4,459 shares of the company’s stock valued at $53,000 after purchasing an additional 3,811 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Alignment Healthcare in the first quarter valued at about $54,000. Finally, Lazard Asset Management LLC bought a new position in shares of Alignment Healthcare in the second quarter valued at about $55,000. 85.58% of the stock is owned by institutional investors.

Alignment Healthcare Stock Performance

Shares of ALHC stock opened at $6.54 on Friday. The stock has a market cap of $1.24 billion, a P/E ratio of -7.69 and a beta of 1.40. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.63 and a quick ratio of 1.63. The company has a fifty day moving average price of $6.66 and a two-hundred day moving average price of $6.36. Alignment Healthcare has a one year low of $4.88 and a one year high of $13.44.

Alignment Healthcare Company Profile

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, Arizona, Florida, and Texas.