Christopher J. Joyce, the Chief Legal and Administrative Officer of Alignment Healthcare, Inc. (NASDAQ:ALHC), has sold a total of $58,421 worth of company stock, according to a recent SEC filing. The transactions occurred over two consecutive days, with shares sold at prices ranging from $10.00 to $10.06.
On the first day, Joyce sold 1,300 shares of common stock at a price of $10.00 per share. The following day, an additional 4,541 shares were sold at a weighted-average price of $10.0026, as detailed in the footnotes of the filing. This second transaction involved multiple sales at varying prices within the $10.00 to $10.06 range. The filing indicates that Joyce is willing to provide full information on the number of shares sold at each specific price upon request.
Following these transactions, Joyce still holds 399,738 shares of Alignment Healthcare, Inc. The sales reported represent a notable change in Joyce's holdings, but the remaining substantial ownership indicates continued interest in the company's future performance.
Investors often monitor insider transactions like these for insights into executive sentiment about their company's prospects. While the reasons for an insider's stock sale can vary, they are typically viewed as a normal part of financial and estate planning for individuals in executive positions.
For further details on the transactions, including the exact number of shares sold at each price point, interested parties may contact Alignment Healthcare, Inc. directly.
In other recent news, Alignment Healthcare has undergone significant board restructuring and entered into a consulting agreement with a former board member. The company saw two directors, Jeffrey Margolis and Thomas Carella, resign from their roles, with Margolis transitioning to a consulting role. The board size was reduced from eleven to nine members, with Margaret McCarthy's position shifting to ensure balance among the classes of directors.
On the financial front, Alignment Healthcare reported a 56% increase in health plan membership and a 47% surge in revenue year-over-year. This impressive growth resulted in an upward revision in year-end membership expectations and a forecast of at least 20% growth in 2025.
In response to these developments, several analyst firms, including Baird, TD Cowen, and Piper Sandler, have raised their stock price targets for the company. These recent changes and projections contribute to the ongoing evolution of Alignment Healthcare.
InvestingPro Insights
As investors parse the recent insider transactions at Alignment Healthcare, Inc. (NASDAQ:ALHC), considering the broader financial context of the company can provide additional insights. According to real-time data from InvestingPro, Alignment Healthcare operates with a moderate level of debt and has experienced significant returns recently. Despite this, the company's gross profit margins are weak, and analysts do not expect profitability this year.
Key financial metrics from InvestingPro Data reveal that Alignment Healthcare has a market capitalization of approximately $1.82 billion. The company has been growing its revenue impressively, with a 37.46% increase over the last twelve months as of Q2 2024, and an even higher quarterly growth rate of 47.34% in Q2 2024. However, the company's P/E ratio is negative at -11.87, reflecting its lack of profitability during this period.
Alignment Healthcare's stock has also been trading near its 52-week high, with the price at 93.5% of this peak. In terms of performance, the company has seen a high return over the last year, with a 73.54% price total return, and a notable 83.24% return over the last six months. These figures suggest a strong market confidence in the company's future, despite the absence of dividends for shareholders.
For those interested in deeper analysis, InvestingPro offers additional InvestingPro Tips, including further earnings revisions and price multiples. In total, there are 11 more tips available on InvestingPro for Alignment Healthcare, which can be found at https://www.investing.com/pro/ALHC. These tips could provide investors with a more nuanced understanding of the company's financial health and future prospects.
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