Alignment Healthcare (NASDAQ:ALHC) Stock Price Target Cut by UBS Group

Alignment Healthcare (NASDAQ:ALHC) had its target price dropped by stock analysts at UBS Group from $9.00 to $8.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. UBS Group‘s price target points to a potential upside of 10.04% from the company’s current price.

Several other brokerages also recently weighed in on ALHC. KeyCorp downgraded shares of Alignment Healthcare from an “overweight” rating to a “sector weight” rating in a report on Friday. Scotiabank set a $9.00 price objective on Alignment Healthcare in a research report on Friday, October 9th. Barclays dropped their price objective on Alignment Healthcare from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Friday. JPMorgan Chase & Co. cut their target price on Alignment Healthcare from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday. Finally, William Blair downgraded Alignment Healthcare from an “outperform” rating to a “market perform” rating in a research note on Friday, October 9th. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.18.

Alignment Healthcare Stock Performance

Shares of ALHC stock opened at $7.27 on Friday. Alignment Healthcare has a 52 week low of $6.01 and a 52 week high of $25.12. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 1.17. The company has a 50 day moving average price of $9.87 and a 200-day moving average price of $16.82. The firm has a market capitalization of $1.52 billion, a PE ratio of 55.93 and a beta of 1.07.

Alignment Healthcare (NASDAQ:ALHC) last released its quarterly earnings results on Thursday, October 29th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.31 billion. Alignment Healthcare had a net margin of 0.59% and a return on equity of 12.46%. The business’s revenue for the quarter was up 36.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.02 EPS. As a group, equities research analysts expect that Alignment Healthcare will post 0.14 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Joseph S. Konowiecki sold 23,511 shares of the stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $8.61, for a total value of $202,429.71. Following the sale, the executive vice president owned 1,080,305 shares of the company’s stock, valued at approximately $9,301,426.05. This represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John E. Kao sold 385,270 shares of the stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $12.68, for a total transaction of $4,885,223.60. Following the completion of the sale, the chief executive officer directly owned 1,223,473 shares in the company, valued at $15,513,637.64. This trade represents a 23.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 1,061,967 shares of company stock worth $13,642,490. Insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund increased its holdings in Alignment Healthcare by 11.7% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 41,900 shares of the company’s stock worth $342,000 after purchasing an additional 4,400 shares during the period. Vise Technologies Inc. lifted its position in Alignment Healthcare by 31.2% during the third quarter. Vise Technologies Inc. now owns 12,163 shares of the company’s stock valued at $99,000 after acquiring an additional 2,894 shares during the last quarter. VestGen Advisors LLC acquired a new stake in shares of Alignment Healthcare in the 3rd quarter worth $135,000. Park Avenue Securities LLC increased its position in Alignment Healthcare by 37.2% during the 3rd quarter. Park Avenue Securities LLC now owns 59,635 shares of the company’s stock valued at $487,000 after buying an additional 16,157 shares in the last quarter. Finally, Sterling Capital Management LLC raised its position in shares of Alignment Healthcare by 839.9% in the 3rd quarter. Sterling Capital Management LLC now owns 6,739 shares of the company’s stock valued at $55,000 after purchasing an additional 6,022 shares during the last quarter. Hedge funds and other institutional investors own 86.19% of the company’s stock.

About Alignment Healthcare

Alignment Healthcare, Inc is a technology-enabled health insurance company focused on providing Medicare Advantage plans for seniors. The company combines health plan coverage with care coordination and clinical services designed to help members manage chronic conditions, access providers and navigate the health care system.

Its offerings include Medicare Advantage plans, supplemental benefits and member support services. Alignment also uses its proprietary technology platform, including the Alignment Virtual Application (AVA), to support care teams, analyze health information and help deliver more personalized services to members.

Founded in 2013, Alignment Healthcare serves Medicare-eligible consumers in selected markets, including California, Florida, Nevada and North Carolina.