On July 31, Alignment Healthcare, Inc. fell 16.68% in regular trading, trading at $15.24/share, with turnover of $231 million.
On the news front, the company reported Q2 EPS of $0.17, beating the FactSet consensus estimate of $0.13 by approximately 31%. Revenue came in at $1.336 billion, surpassing the $1.31 billion estimate and representing 31.6% year-over-year growth. Medicare Advantage membership grew 31.5% year-over-year to approximately 294,100 members. The company also raised full-year revenue guidance to $5.195 billion–$5.225 billion, above the consensus estimate of $5.19 billion.
Despite the across-the-board earnings beat and raised guidance, the stock came under significant selling pressure due to an ongoing whistleblower lawsuit filed by a former executive alleging systematic financial manipulation. Law firm Hagens Berman has launched a securities fraud investigation into the company. Alignment Healthcare has denied the allegations and stated it intends to defend vigorously.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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