Align Technology (NASDAQ:ALGN) Reaches New 1-Year Low – What’s Next?

Align Technology, Inc. (NASDAQ:ALGN) shares hit a new 52-week low during trading on Friday . The stock traded as low as $158.02 and last traded at $159.38, with a volume of 495108 shares. The stock had previously closed at $164.29.

Analyst Upgrades and Downgrades

ALGN has been the subject of several analyst reports. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and raised their price target for the company from $235.00 to $280.00 in a report on Monday, January 6th. Piper Sandler restated an “overweight” rating and issued a $235.00 price target (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Wells Fargo & Company initiated coverage on Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target for the company. Jefferies Financial Group cut their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Finally, Morgan Stanley decreased their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $262.64.

Align Technology Stock Performance

The firm has a market cap of $11.72 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 2.24 and a beta of 1.69. The business has a fifty day moving average of $193.72 and a two-hundred day moving average of $214.55.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. On average, equities research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. True Wealth Design LLC raised its stake in shares of Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 107 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Align Technology in the 3rd quarter worth about $32,000. Picton Mahoney Asset Management increased its position in Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. acquired a new position in Align Technology during the fourth quarter worth $31,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of Align Technology in the fourth quarter worth $35,000. 88.43% of the stock is currently owned by institutional investors.

About Align Technology

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.