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 stock was sold at an average price of $19.10, for a total transaction of $1,719,000.00. Following the transaction, the chief executive officer now directly owns 2,003,100 shares in the company, valued at approximately $38,259,210. The trade was a 4.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Dawn Christine Maroney sold 230,000 shares of the firm’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $19.10, for a total value 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 position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Bank of America raised their target price on shares of Alignment Healthcare from $15.50 to $18.50 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Stephens reissued an “overweight” rating and set a $17.00 target price on shares of Alignment Healthcare in a research note on Monday, February 24th. Barclays boosted their price target on shares of Alignment Healthcare from $8.00 to $9.00 and gave the stock an “underweight” rating in a research note on Friday, February 28th. Stifel Nicolaus lifted their price objective on Alignment Healthcare from $18.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, April 8th. Finally, Piper Sandler increased their target price on Alignment Healthcare from $14.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.61.

Alignment Healthcare Price Performance

The firm has a market cap of $3.50 billion, a P/E ratio of -23.69 and a beta of 1.32. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.60 and a quick ratio of 1.60. The stock’s 50-day simple moving average is $16.46 and its two-hundred day simple moving average is $13.79.

Institutional Trading of Alignment Healthcare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its holdings 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 worth $15,481,000 after buying an additional 687,566 shares during the period. Rhumbline Advisers lifted its position in shares of Alignment Healthcare by 4.4% during the first quarter. Rhumbline Advisers now owns 141,638 shares of the company’s stock worth $2,637,000 after purchasing an additional 5,934 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Alignment Healthcare by 3,216.9% during the first quarter. GAMMA Investing LLC now owns 23,815 shares of the company’s stock valued at $443,000 after purchasing an additional 23,097 shares during the period. Wellington Management Group LLP grew its holdings in shares of Alignment Healthcare by 77.9% in the fourth quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company’s stock worth $83,683,000 after purchasing an additional 3,257,630 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in Alignment Healthcare by 149.8% in the 4th quarter. Mackenzie Financial Corp now owns 85,175 shares of the company’s stock worth $958,000 after buying an additional 51,084 shares during the period. 86.19% of the stock is owned by hedge funds and other 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.