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Alignment Healthcare (ALHC) Surges 11.5%: Is This an Indication of Further Gains?
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Alignment Healthcare (ALHC - Free Report) shares ended the last trading session 11.5% higher at $8.81. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.5% loss over the past four weeks.
Alignment Healthcare scored a strong price increase on investors’ optimism driven by its impending second-quarter 2024 financial results, which is scheduled to release on Aug 1 after the closing bell. The Zacks Consensus Estimate for the second quarter revenue and earnings indicate a 36.9% and 6.7% growth respectively. As of the first quarter-end, the company’s health plan membership was up 50% year over year, further boosting confidence in the stock.
This Medicare Advantage insurer is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents a year-over-year change of +6.7%. Revenues are expected to be $632.81 million, up 36.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Alignment Healthcare, the consensus EPS estimate for the quarter has been revised 1.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ALHC going forward to see if this recent jump can turn into more strength down the road.
Alignment Healthcare belongs to the Zacks Medical Services industry. Another stock from the same industry, Premier, Inc. (PINC - Free Report) , closed the last trading session 2.5% higher at $18.85. Over the past month, PINC has returned -1.2%.
Premier's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.49. Compared to the company's year-ago EPS, this represents a change of -27.9%. Premier currently boasts a Zacks Rank of #4 (Sell).
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Alignment Healthcare (ALHC) Surges 11.5%: Is This an Indication of Further Gains?
Alignment Healthcare (ALHC - Free Report) shares ended the last trading session 11.5% higher at $8.81. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.5% loss over the past four weeks.
Alignment Healthcare scored a strong price increase on investors’ optimism driven by its impending second-quarter 2024 financial results, which is scheduled to release on Aug 1 after the closing bell. The Zacks Consensus Estimate for the second quarter revenue and earnings indicate a 36.9% and 6.7% growth respectively. As of the first quarter-end, the company’s health plan membership was up 50% year over year, further boosting confidence in the stock.
This Medicare Advantage insurer is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents a year-over-year change of +6.7%. Revenues are expected to be $632.81 million, up 36.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Alignment Healthcare, the consensus EPS estimate for the quarter has been revised 1.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ALHC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Alignment Healthcare belongs to the Zacks Medical Services industry. Another stock from the same industry, Premier, Inc. (PINC - Free Report) , closed the last trading session 2.5% higher at $18.85. Over the past month, PINC has returned -1.2%.
Premier's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.49. Compared to the company's year-ago EPS, this represents a change of -27.9%. Premier currently boasts a Zacks Rank of #4 (Sell).