Short Interest in Align Technology Grows By 37.4% (ALGN)
Align Technology (NASDAQ:ALGN) was the target of a large growth in short interest during the month of April. As of April 30th, there was short interest totalling 3,832,939 shares, a growth of 37.4% from the April 15th total of 2,790,217 shares, American Banking and Market News reports. Based on an average trading volume of 1,223,911 shares, the days-to-cover ratio is presently 3.1 days. Currently, 5.5% of the shares of the company are short sold.
ALGN has been the subject of a number of recent research reports. Analysts at Credit Suisse reiterated a “neutral” rating on shares of Align Technology in a research note on Thursday, April 24th. They now have a $58.00 price target on the stock. Separately, analysts at Cantor Fitzgerald reiterated a “positive” rating on shares of Align Technology in a research note on Thursday, April 24th. Finally, analysts at Zacks downgraded shares of Align Technology from an “outperform” rating to a “neutral” rating in a research note on Thursday, April 10th. They now have a $57.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $61.00.
Shares of Align Technology (NASDAQ:ALGN) opened at 50.35 on Monday. Align Technology has a 52 week low of $33.84 and a 52 week high of $65.10. The stock’s 50-day moving average is $51.13 and its 200-day moving average is $54.78. The company has a market cap of $4.110 billion and a P/E ratio of 29.67.
Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, April 23rd. The company reported $0.39 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.35 by $0.04. The company had revenue of $180.60 million for the quarter, compared to the consensus estimate of $177.57 million. During the same quarter last year, the company posted $0.26 earnings per share. Align Technology’s revenue was up 17.6% compared to the same quarter last year. On average, analysts predict that Align Technology will post $1.74 earnings per share for the current fiscal year.
Align Technology, Inc (NASDAQ:ALGN), designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics, and dental records storage.
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