Align Technology, Inc. (NASDAQ:ALGN) Sees Large Decrease in Short Interest

Align Technology, Inc. (NASDAQ:ALGN) was the target of a significant decrease in short interest in the month of January. As of January 15th, there was short interest totalling 2,340,000 shares, a decrease of 13.7% from the December 31st total of 2,710,000 shares. Based on an average daily volume of 750,900 shares, the days-to-cover ratio is presently 3.1 days. Currently, 3.4% of the company’s stock are short sold.

Align Technology Trading Down 2.8 %

ALGN stock traded down $6.25 during trading on Friday, reaching $219.11. The stock had a trading volume of 1,207,691 shares, compared to its average volume of 531,135. The stock’s 50 day moving average is $222.95 and its two-hundred day moving average is $227.04. The firm has a market cap of $16.36 billion, a PE ratio of 37.39, a PEG ratio of 4.92 and a beta of 1.67. Align Technology has a 52 week low of $196.09 and a 52 week high of $335.40.

Hedge Funds Weigh In On Align Technology

A number of institutional investors and hedge funds have recently made changes to their positions in ALGN. Venturi Wealth Management LLC grew its holdings in Align Technology by 53.0% during the fourth quarter. Venturi Wealth Management LLC now owns 465 shares of the medical equipment provider’s stock valued at $97,000 after purchasing an additional 161 shares during the period. D.A. Davidson & CO. grew its stake in shares of Align Technology by 2.6% during the 4th quarter. D.A. Davidson & CO. now owns 7,530 shares of the medical equipment provider’s stock valued at $1,570,000 after acquiring an additional 194 shares during the period. CIBC Asset Management Inc increased its holdings in Align Technology by 4.6% in the 4th quarter. CIBC Asset Management Inc now owns 10,890 shares of the medical equipment provider’s stock worth $2,271,000 after acquiring an additional 479 shares in the last quarter. Meridiem Investment Management Ltd. lifted its holdings in Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after purchasing an additional 297,472 shares in the last quarter. Finally, Allworth Financial LP boosted its position in shares of Align Technology by 1,479.1% in the fourth quarter. Allworth Financial LP now owns 2,416 shares of the medical equipment provider’s stock worth $504,000 after purchasing an additional 2,263 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of recent research reports. Jefferies Financial Group cut their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research note on Thursday, January 23rd. Bank of America raised their price objective on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Evercore ISI dropped their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Mizuho started coverage on shares of Align Technology in a report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. Finally, Morgan Stanley cut their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Align Technology has an average rating of “Moderate Buy” and a consensus target price of $267.45.

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.