Alignment Healthcare (NASDAQ:ALHC) Releases Earnings Results, Beats Expectations By $0.01 EPS

Alignment Healthcare (NASDAQ:ALHC) issued its quarterly earnings results on Thursday. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.01, Briefing.com reports. The firm had revenue of $681.29 million during the quarter, compared to the consensus estimate of $637.66 million. Alignment Healthcare had a negative return on equity of 95.55% and a negative net margin of 6.85%. The company’s revenue was up 47.3% on a year-over-year basis. During the same period last year, the company earned ($0.15) earnings per share. Alignment Healthcare updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Alignment Healthcare Stock Up 3.7 %

Shares of ALHC stock opened at $8.94 on Friday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.23. Alignment Healthcare has a 12 month low of $4.46 and a 12 month high of $10.16. The stock has a market cap of $1.71 billion, a P/E ratio of -10.64 and a beta of 1.43. The company has a 50 day simple moving average of $8.31 and a two-hundred day simple moving average of $6.76.

Analysts Set New Price Targets

Several brokerages have commented on ALHC. Bank of America upgraded Alignment Healthcare from a “neutral” rating to a “buy” rating and increased their target price for the company from $7.75 to $11.00 in a research note on Thursday, May 30th. Stephens lifted their price objective on Alignment Healthcare from $6.00 to $7.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Baird R W raised Alignment Healthcare to a “strong-buy” rating in a research report on Thursday, May 30th. Piper Sandler raised shares of Alignment Healthcare from a “neutral” rating to an “overweight” rating and raised their price target for the company from $6.00 to $8.00 in a report on Wednesday, May 8th. Finally, Stifel Nicolaus increased their price objective on shares of Alignment Healthcare from $9.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.44.

Insider Transactions at Alignment Healthcare

In other news, insider Dawn Christine Maroney sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $8.21, for a total value of $164,200.00. Following the completion of the sale, the insider now directly owns 1,956,097 shares in the company, valued at approximately $16,059,556.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Dawn Christine Maroney sold 20,000 shares of Alignment Healthcare stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $8.21, for a total transaction of $164,200.00. Following the transaction, the insider now directly owns 1,956,097 shares of the company’s stock, valued at approximately $16,059,556.37. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christopher J. Joyce sold 15,034 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $9.05, for a total value of $136,057.70. Following the transaction, the insider now owns 406,912 shares of the company’s stock, valued at $3,682,553.60. The disclosure for this sale can be found here. Insiders have sold 225,221 shares of company stock worth $2,142,155 in the last 90 days. 6.60% of the stock is currently owned by insiders.

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.