Alignment Healthcare (NASDAQ:ALHC) Shares Gap Up – Should You Buy?

Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC) gapped up before the market opened on Thursday . The stock had previously closed at $10.72, but opened at $11.45. Alignment Healthcare shares last traded at $10.84, with a volume of 45,975 shares.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ALHC shares. Stephens raised Alignment Healthcare from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $13.00 to $17.00 in a research note on Tuesday, December 3rd. UBS Group increased their price target on shares of Alignment Healthcare from $9.00 to $12.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Barclays lifted their price objective on Alignment Healthcare from $7.00 to $8.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 30th. Finally, KeyCorp started coverage on Alignment Healthcare in a report on Friday, October 11th. They set a “sector weight” rating on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $11.44.

Alignment Healthcare Trading Up 0.8 %

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 $2.07 billion, a PE ratio of -14.04 and a beta of 1.42. The business’s 50-day moving average is $11.88 and its two-hundred day moving average is $10.26.

Alignment Healthcare (NASDAQ:ALHC) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.14). The company had revenue of $692.43 million during the quarter, compared to the consensus estimate of $662.11 million. Alignment Healthcare had a negative net margin of 5.84% and a negative return on equity of 108.69%. Alignment Healthcare’s revenue for the quarter was up 51.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.19) earnings per share. On average, analysts predict that Alignment Healthcare, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Alignment Healthcare

In other Alignment Healthcare news, insider Hyong Kim sold 22,460 shares of Alignment Healthcare stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $11.03, for a total value of $247,733.80. Following the completion of the transaction, the insider now owns 533,070 shares of the company’s stock, valued at $5,879,762.10. The trade was a 4.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Robert Thomas Freeman sold 4,483 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $12.01, for a total transaction of $53,840.83. Following the sale, the chief financial officer now directly owns 159,626 shares in the company, valued at $1,917,108.26. This trade represents a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 653,546 shares of company stock worth $7,875,008 in the last 90 days. 6.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alignment Healthcare

Hedge funds and other institutional investors have recently bought and sold shares of the stock. nVerses Capital LLC bought a new stake in shares of Alignment Healthcare in the 3rd quarter worth approximately $95,000. Principal Financial Group Inc. grew its position in Alignment Healthcare by 18.1% in the 2nd quarter. Principal Financial Group Inc. now owns 13,521 shares of the company’s stock worth $106,000 after purchasing an additional 2,077 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Alignment Healthcare in the third quarter valued at approximately $131,000. Creative Planning boosted its position in shares of Alignment Healthcare by 20.0% during the third quarter. Creative Planning now owns 12,442 shares of the company’s stock worth $147,000 after buying an additional 2,072 shares during the period. Finally, Mackenzie Financial Corp increased its position in Alignment Healthcare by 110.0% in the 2nd quarter. Mackenzie Financial Corp now owns 36,526 shares of the company’s stock valued at $286,000 after acquiring an additional 19,129 shares during the period. 86.19% of the stock is currently owned by institutional investors and hedge funds.

Alignment Healthcare Company Profile

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.