Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down Following Insider Selling

Alignment Healthcare, Inc. (NASDAQ:ALHC)’s share price gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $19.48, but opened at $17.40. Alignment Healthcare shares last traded at $16.64, with a volume of 1,172,478 shares traded.

Specifically, CEO John E. Kao sold 90,000 shares of Alignment Healthcare stock in a transaction on Monday, April 14th. The shares were sold at an average price of $19.10, for a total value of $1,719,000.00. Following the completion of the sale, the chief executive officer now owns 2,003,100 shares of the company’s stock, valued at approximately $38,259,210. This trade represents a 4.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Dawn Christine Maroney sold 230,000 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $19.10, for a total transaction of $4,393,000.00. Following the completion of the transaction, the president now directly owns 2,132,899 shares in the company, valued at $40,738,370.90. This trade represents a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of equities analysts have issued reports on ALHC shares. Piper Sandler lifted their price target on Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday, March 4th. Barclays increased their price target on Alignment Healthcare from $8.00 to $9.00 and gave the company an “underweight” rating in a research report on Friday, February 28th. Robert W. Baird lifted their price objective on shares of Alignment Healthcare from $17.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday. Bank of America increased their target price on shares of Alignment Healthcare from $15.50 to $18.50 and gave the company a “buy” rating in a report on Tuesday, March 4th. Finally, Stephens restated an “overweight” rating and set a $17.00 price target on shares of Alignment Healthcare in a report on Monday, February 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Alignment Healthcare currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.61.

Alignment Healthcare Stock Down 6.4 %

The stock’s 50-day moving average price is $16.54 and its two-hundred day moving average price is $13.84. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82. The stock has a market capitalization of $3.50 billion, a P/E ratio of -23.69 and a beta of 1.32.

Hedge Funds Weigh In On Alignment Healthcare

Institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. raised its stake in shares of Alignment Healthcare by 478.0% in the first quarter. Assenagon Asset Management S.A. now owns 831,397 shares of the company’s stock valued at $15,481,000 after buying an additional 687,566 shares during the period. Rhumbline Advisers increased its holdings in Alignment Healthcare by 4.4% in the 1st quarter. Rhumbline Advisers now owns 141,638 shares of the company’s stock worth $2,637,000 after acquiring an additional 5,934 shares during the last quarter. GAMMA Investing LLC raised its stake in Alignment Healthcare by 3,216.9% in the 1st quarter. GAMMA Investing LLC now owns 23,815 shares of the company’s stock valued at $443,000 after acquiring an additional 23,097 shares during the period. Wellington Management Group LLP lifted its holdings in Alignment Healthcare by 77.9% during the fourth quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company’s stock valued at $83,683,000 after purchasing an additional 3,257,630 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in Alignment Healthcare by 149.8% during the fourth quarter. Mackenzie Financial Corp now owns 85,175 shares of the company’s stock worth $958,000 after purchasing an additional 51,084 shares during the period. 86.19% of the stock is owned by institutional investors.

About Alignment Healthcare

Alignment Healthcare, Inc, a tech-enabled Medicare advantage company, operates consumer-centric health care platform for seniors in the United States. It provides customized health care designed to meet the needs of a diverse array of seniors through its Medicare advantage plans. The company was founded in 2013 and is based in Orange, California.