Align Technology, Inc. (NASDAQ:ALGN – Get Free Report) was the recipient of a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 2,080,000 shares, a drop of 8.4% from the August 15th total of 2,270,000 shares. Approximately 2.9% of the shares of the company are sold short. Based on an average daily trading volume, of 708,600 shares, the short-interest ratio is currently 2.9 days.
Wall Street Analyst Weigh In
ALGN has been the topic of several analyst reports. Piper Sandler increased their target price on Align Technology from $370.00 to $415.00 in a research report on Thursday, July 27th. HSBC initiated coverage on Align Technology in a research report on Wednesday, August 30th. They issued a “buy” rating and a $450.00 target price on the stock. Morgan Stanley increased their target price on Align Technology from $383.00 to $415.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. StockNews.com began coverage on Align Technology in a research note on Thursday, August 17th. They issued a “buy” rating for the company. Finally, OTR Global raised Align Technology from a “mixed” rating to a “positive” rating in a research note on Thursday, September 14th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $380.33.
Institutional Inflows and Outflows
Align Technology Stock Down 2.0 %
Shares of ALGN stock opened at $325.32 on Tuesday. The stock has a 50-day simple moving average of $354.79 and a 200 day simple moving average of $331.92. Align Technology has a fifty-two week low of $172.05 and a fifty-two week high of $413.20. The stock has a market capitalization of $24.90 billion, a P/E ratio of 79.93, a P/E/G ratio of 2.64 and a beta of 1.63.
Align Technology (NASDAQ:ALGN – Get Free Report) last announced its earnings results on Wednesday, July 26th. The medical equipment provider reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.09. Align Technology had a return on equity of 11.42% and a net margin of 8.40%. The business had revenue of $1 billion during the quarter, compared to analysts’ expectations of $985.87 million. On average, sell-side analysts anticipate that Align Technology will post 7.2 earnings per share for the current year.
Align Technology Company Profile
Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, China, and internationally. It operates in two segments, Clear Aligner; and Imaging Systems and CAD/CAM Services (Systems and Services).
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