Align Technology, Inc. (NASDAQ:ALGN) Sees Significant Increase in Short Interest

Align Technology, Inc. (NASDAQ:ALGN) was the recipient of a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 3,780,000 shares, an increase of 31.3% from the February 13th total of 2,880,000 shares. Based on an average daily trading volume, of 864,700 shares, the short-interest ratio is presently 4.4 days. Approximately 5.5% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Jefferies Financial Group cut their price objective on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Mizuho assumed coverage on Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research note on Tuesday. Finally, Morgan Stanley lowered their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and a consensus target price of $266.73.

Align Technology Stock Performance

NASDAQ:ALGN opened at $164.53 on Wednesday. The stock’s 50 day moving average price is $201.57 and its 200 day moving average price is $217.81. Align Technology has a 52 week low of $158.13 and a 52 week high of $335.40. The company has a market capitalization of $12.11 billion, a P/E ratio of 29.33, a P/E/G ratio of 2.24 and a beta of 1.69.

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

Hedge Funds Weigh In On Align Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 111 Capital acquired a new position in Align Technology during the fourth quarter valued at approximately $319,000. NorthCrest Asset Manangement LLC grew its holdings in Align Technology by 21.8% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 1,259 shares of the medical equipment provider’s stock valued at $263,000 after purchasing an additional 225 shares during the last quarter. Wealthedge Investment Advisors LLC acquired a new position in Align Technology during the fourth quarter valued at approximately $367,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Align Technology during the fourth quarter valued at approximately $23,660,000. Finally, Azzad Asset Management Inc. ADV grew its holdings in Align Technology by 4.4% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 17,442 shares of the medical equipment provider’s stock valued at $3,637,000 after purchasing an additional 729 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

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.