Alignment Healthcare (ALHC) Slashes 13% on Analyst Downgrade

Alignment Healthcare Inc. (NASDAQ:ALHC) is one of the 10 Stocks Entering June in the Wrong Direction.

Alignment Healthcare extended its losing streak to a 7th straight session on Monday, slashing 13.19 percent to finish at $13.30 apiece, as investor sentiment was further weighed by an investment firm’s price target downgrade last week.

In a market note, Barclays slashed its price target for Alignment Healthcare Inc. (NASDAQ:ALHC) to $16 from $19 previously, while reaffirming an equal weight rating.

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The coverage was based on stock moves in the first quarter of the year, which it deemed unlikely to reverse quickly.

Apart from Barclays, Raymond James also lowered its price target for Alignment Healthcare Inc. (NASDAQ:ALHC) earlier last month despite maintaining a buy recommendation.

Last month alone, Alignment Healthcare Inc. (NASDAQ:ALHC) has seen its stock price decline by 32 percent to $15.32 from $22.54 previously. Year-to-date, the company was down by 32.6 percent.

In other news, the company is set to participate in the Goldman Sachs 47th Annual Global Healthcare Conference in Miami, Florida, next Tuesday, June 9.

Investors are expected to watch for updates about its business, as well as cues on its outlook.

While we acknowledge the risk and potential of ALHC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ALHC and that has 10,000% upside potential, check out our report about the cheapest AI stock.

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