Insider Selling: Alignment Healthcare, Inc. (NASDAQ:ALHC) Chairman Sells $28,898.20 in Stock

Alignment Healthcare, Inc. (NASDAQ:ALHC) Chairman Joseph S. Konowiecki sold 4,898 shares of the business’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $5.90, for a total transaction of $28,898.20. Following the transaction, the chairman now directly owns 1,188,221 shares in the company, valued at $7,010,503.90. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Alignment Healthcare Stock Down 1.0 %

Shares of NASDAQ:ALHC opened at $6.54 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.85. The stock has a fifty day simple moving average of $6.66 and a two-hundred day simple moving average of $6.36. Alignment Healthcare, Inc. has a 12-month low of $4.88 and a 12-month high of $13.44. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -7.69 and a beta of 1.40.

Hedge Funds Weigh In On Alignment Healthcare

Large investors have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. grew its position in Alignment Healthcare by 62.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 292,593 shares of the company’s stock valued at $2,031,000 after purchasing an additional 112,572 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Alignment Healthcare by 7.7% during the third quarter. The Manufacturers Life Insurance Company now owns 142,774 shares of the company’s stock valued at $991,000 after buying an additional 10,165 shares during the last quarter. Legal & General Group Plc increased its position in shares of Alignment Healthcare by 4.6% during the third quarter. Legal & General Group Plc now owns 92,508 shares of the company’s stock valued at $642,000 after acquiring an additional 4,071 shares in the last quarter. AQR Capital Management LLC raised its holdings in Alignment Healthcare by 447.0% in the 3rd quarter. AQR Capital Management LLC now owns 69,683 shares of the company’s stock worth $484,000 after acquiring an additional 56,943 shares during the last quarter. Finally, Corton Capital Inc. lifted its position in Alignment Healthcare by 108.1% in the 3rd quarter. Corton Capital Inc. now owns 36,074 shares of the company’s stock valued at $250,000 after acquiring an additional 18,738 shares in the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Wall Street Analysts Forecast Growth

ALHC has been the topic of several research analyst reports. Stephens initiated coverage on shares of Alignment Healthcare in a research report on Wednesday, October 11th. They set an “equal weight” rating and a $9.00 price target on the stock. Morgan Stanley reduced their target price on Alignment Healthcare from $19.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, August 30th. Raymond James upgraded Alignment Healthcare from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $9.00 to $10.00 in a research note on Monday, October 16th. Finally, Bank of America cut Alignment Healthcare from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $7.50 to $7.25 in a research note on Thursday, November 2nd. Three 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.23.

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.