Align Technology, Inc. (NASDAQ:ALGN) Short Interest Up 27.4% in February

Align Technology, Inc. (NASDAQ:ALGN) was the recipient of a large growth in short interest during the month of February. As of February 15th, there was short interest totalling 2,880,000 shares, a growth of 27.4% from the January 31st total of 2,260,000 shares. Based on an average daily trading volume, of 782,700 shares, the days-to-cover ratio is currently 3.7 days. Currently, 4.1% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and raised their target price for the company from $235.00 to $280.00 in a report on Monday, January 6th. Piper Sandler reduced their price objective on Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Evercore ISI raised their price objective on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Finally, Jefferies Financial Group reduced their price objective on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Stock Performance

NASDAQ ALGN opened at $172.00 on Friday. The stock has a fifty day moving average of $208.78 and a 200-day moving average of $221.83. The stock has a market capitalization of $12.66 billion, a P/E ratio of 30.66, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. Align Technology has a 52 week low of $167.32 and a 52 week high of $335.40.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Equities research analysts forecast that Align Technology will post 7.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Align Technology

A number of institutional investors have recently made changes to their positions in ALGN. Impax Asset Management Group plc grew its stake in shares of Align Technology by 26.8% during the third quarter. Impax Asset Management Group plc now owns 114,057 shares of the medical equipment provider’s stock worth $29,007,000 after purchasing an additional 24,115 shares during the period. Crestwood Advisors Group LLC grew its stake in shares of Align Technology by 6.6% during the third quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock worth $254,000 after purchasing an additional 62 shares during the period. Principal Financial Group Inc. grew its stake in Align Technology by 2.7% in the third quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider’s stock valued at $20,859,000 after acquiring an additional 2,168 shares during the period. Kornitzer Capital Management Inc. KS acquired a new position in Align Technology in the third quarter valued at about $205,000. Finally, Portside Wealth Group LLC acquired a new position in Align Technology in the third quarter valued at about $238,000. 88.43% of the stock is owned by institutional investors and hedge funds.

About Align Technology

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, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.