Allspring Global Investments Holdings LLC raised its holdings in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC – Free Report) by 90.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,064 shares of the company’s stock after purchasing an additional 7,619 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Alignment Healthcare were worth $92,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its position in Alignment Healthcare by 2.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 8,805,887 shares of the company’s stock valued at $100,475,000 after purchasing an additional 236,652 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in Alignment Healthcare by 15.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,470,181 shares of the company’s stock valued at $99,610,000 after purchasing an additional 1,108,973 shares during the period. Vanguard Group Inc. lifted its position in Alignment Healthcare by 25.1% during the 3rd quarter. Vanguard Group Inc. now owns 8,117,393 shares of the company’s stock valued at $96,111,000 after purchasing an additional 1,626,831 shares during the period. Durable Capital Partners LP lifted its position in Alignment Healthcare by 2,079.2% during the 1st quarter. Durable Capital Partners LP now owns 5,908,220 shares of the company’s stock valued at $66,349,000 after purchasing an additional 5,637,102 shares during the period. Finally, BlackRock Inc. raised its position in shares of Alignment Healthcare by 21.8% in the 3rd quarter. BlackRock Inc. now owns 5,698,621 shares of the company’s stock valued at $67,471,000 after acquiring an additional 1,020,637 shares during the period. 85.58% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on ALHC. JPMorgan Chase & Co. cut their price target on shares of Alignment Healthcare from $12.00 to $10.00 in a research report on Friday, July 7th. Stephens began coverage on shares of Alignment Healthcare in a research report on Wednesday, October 11th. They issued an “equal weight” rating and a $9.00 price target on the stock. Morgan Stanley cut their price target on shares of Alignment Healthcare from $19.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 30th. Finally, Raymond James upgraded shares of Alignment Healthcare from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $9.00 to $10.00 in a research report on Monday. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.56.
Insider Activity
In other news, insider Christopher J. Joyce sold 15,474 shares of Alignment Healthcare stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $5.20, for a total value of $80,464.80. Following the sale, the insider now directly owns 267,834 shares in the company, valued at $1,392,736.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Jeffrey H. Margolis sold 6,000 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $8.00, for a total transaction of $48,000.00. Following the transaction, the director now directly owns 419,533 shares in the company, valued at $3,356,264. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Christopher J. Joyce sold 15,474 shares of the business’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $5.20, for a total transaction of $80,464.80. Following the transaction, the insider now owns 267,834 shares in the company, valued at $1,392,736.80. The disclosure for this sale can be found here. 6.30% of the stock is owned by corporate insiders.
Alignment Healthcare Price Performance
NASDAQ ALHC opened at $7.41 on Thursday. The business has a 50 day simple moving average of $6.42 and a 200 day simple moving average of $6.33. Alignment Healthcare, Inc. has a 52-week low of $4.88 and a 52-week high of $13.92. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.70 and a current ratio of 1.70. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -8.42 and a beta of 1.42.
Alignment Healthcare (NASDAQ:ALHC – Get Free Report) last posted its earnings results on Thursday, August 3rd. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.06. Alignment Healthcare had a negative return on equity of 68.85% and a negative net margin of 10.03%. The business had revenue of $462.38 million during the quarter, compared to analysts’ expectations of $436.88 million. Analysts anticipate that Alignment Healthcare, Inc. will post -0.78 earnings per share for the current fiscal year.
About Alignment Healthcare
Alignment Healthcare, Inc, a tech-enabled Medicare advantage company, operates consumer-centric health care platform. It provides customized health care in the United States to seniors and those who need it through its Medicare advantage plans. The company owns Medicare advantage plans in the states of California, North Carolina, Nevada, Arizona, Florida, and Texas.
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