Align Technology (NASDAQ:ALGN) Reaches New 12-Month Low – Time to Sell?

Align Technology, Inc. (NASDAQ:ALGN)’s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $183.25 and last traded at $184.76, with a volume of 363085 shares trading hands. The stock had previously closed at $185.77.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several research analyst reports. Piper Sandler dropped their target price on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Mizuho initiated coverage on shares of Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Morgan Stanley dropped their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Finally, Bank of America lifted their target price on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.91.

Align Technology Price Performance

The firm’s 50 day moving average is $211.95 and its 200 day moving average is $223.41. The company has a market capitalization of $13.96 billion, a PE ratio of 33.34, a P/E/G ratio of 2.24 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Empirical Finance LLC boosted its stake in Align Technology by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after purchasing an additional 50 shares in the last quarter. Covestor Ltd increased its position in shares of Align Technology by 14.6% during the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock valued at $87,000 after purchasing an additional 53 shares during the last quarter. Picton Mahoney Asset Management increased its position in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after purchasing an additional 58 shares during the last quarter. Crestwood Advisors Group LLC increased its holdings in Align Technology by 6.6% in the 3rd quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock worth $254,000 after acquiring an additional 62 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in Align Technology by 9.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock worth $158,000 after acquiring an additional 64 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.