The stock of Align Technology, Inc. (NASDAQ:ALGN) gapped down by $0.03 today and has $82.99 target or 8.00% below today’s $90.21 share price. The 5 months technical chart setup indicates high risk for the $7.33B company. The gap down was reported on Oct, 4 by Barchart.com. If the $82.99 price target is reached, the company will be worth $586.40 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 3.78% or $3.54 during the last trading session, hitting $90.21. About 1.61 million shares traded hands or 121.75% up from the average. Align Technology, Inc. (NASDAQ:ALGN) has risen 32.94% since March 1, 2016 and is uptrending. It has outperformed by 20.72% the S&P500.
Analysts await Align Technology, Inc. (NASDAQ:ALGN) to report earnings on October, 27. They expect $0.52 EPS, up 52.94% or $0.18 from last year’s $0.34 per share. ALGN’s profit will be $42.25M for 43.37 P/E if the $0.52 EPS becomes a reality. After $0.62 actual EPS reported by Align Technology, Inc. for the previous quarter, Wall Street now forecasts -16.13% negative EPS growth.
Align Technology, Inc. (NASDAQ:ALGN) Ratings Coverage
Out of 8 analysts covering Align Technology (NASDAQ:ALGN), 8 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Align Technology has been the topic of 13 analyst reports since July 27, 2015 according to StockzIntelligence Inc. The rating was maintained by Stifel Nicolaus with “Buy” on Friday, October 23. The company was initiated on Wednesday, November 18 by Piper Jaffray. As per Friday, September 11, the company rating was initiated by Leerink Swann. The company was initiated on Wednesday, May 11 by Credit Suisse. The rating was maintained by Stifel Nicolaus on Friday, January 29 with “Buy”. Roth Capital maintained it with “Buy” rating and $80 target price in Wednesday, March 23 report.
According to Zacks Investment Research, “Align Technology Inc. designs, manufactures and markets the Invisalign System, a proprietary method for treating malocclusion. The System corrects malocclusion using a series of clear, removable appliances that gently move teeth to a desired final position. Because it does not rely on the use of metal or ceramic brackets and wires, the System significantly reduces the aesthetic and other limitations associated with braces. The Invisalign System also offers orthodontists a new means of carrying out their diagnosis and treatment planning processes.”
Insitutional Activity: The institutional sentiment increased to 1.25 in 2016 Q2. Its up 0.02, from 1.23 in 2016Q1. The ratio increased, as 33 funds sold all Align Technology, Inc. shares owned while 99 reduced positions. 62 funds bought stakes while 103 increased positions. They now own 64.99 million shares or 4.19% less from 67.84 million shares in 2016Q1.
The Texas-based Sta Wealth Mgmt Limited Co has invested 0.13% in Align Technology, Inc. (NASDAQ:ALGN). Ledyard Fincl Bank owns 110 shares or 0% of their US portfolio. Da Davidson & has invested 0% of its portfolio in Align Technology, Inc. (NASDAQ:ALGN). Gemmer Asset Mngmt Lc, a California-based fund reported 129 shares. Old Mutual Invsts (Uk) last reported 0.11% of its portfolio in the stock. Moreover, Johnson Investment Counsel has 0.02% invested in Align Technology, Inc. (NASDAQ:ALGN) for 6,300 shares. Healthcor Ltd Partnership accumulated 0.18% or 41,730 shares. Tompkins holds 0% of its portfolio in Align Technology, Inc. (NASDAQ:ALGN) for 55 shares. Shelton Mgmt holds 0.05% of its portfolio in Align Technology, Inc. (NASDAQ:ALGN) for 6,922 shares. Twin Tree Mngmt Lp accumulated 3,547 shares or 0% of the stock. California State Teachers Retirement System holds 0.03% of its portfolio in Align Technology, Inc. (NASDAQ:ALGN) for 152,709 shares. King Luther Capital Management reported 33,777 shares or 0.03% of all its holdings. Ladenburg Thalmann Financial Serv last reported 5,860 shares in the company. Sg Americas Secs Ltd Llc last reported 0.01% of its portfolio in the stock. Old Dominion Cap has invested 0.59% of its portfolio in Align Technology, Inc. (NASDAQ:ALGN).
Insider Transactions: Since May 3, 2016, the stock had 0 buys, and 11 insider sales for $14.56 million net activity. Another trade for 13,577 shares valued at $1.30M was sold by Relic Zelko. Tay Julie sold $96,250 worth of Align Technology, Inc. (NASDAQ:ALGN) on Tuesday, May 10. Olson Jennifer had sold 799 shares worth $74,545. PRESCOTT THOMAS M sold 64,773 shares worth $4.83M. Thaler Warren S also sold $573,551 worth of Align Technology, Inc. (NASDAQ:ALGN) on Tuesday, May 3. LARKIN C RAYMOND JR had sold 15,000 shares worth $1.12M on Thursday, May 5. The insider MORROW GEORGE J sold 50,000 shares worth $3.89 million.
Another recent and important Align Technology, Inc. (NASDAQ:ALGN) news was published by Fool.com which published an article titled: “International Sales Help Align Technology, Inc. in Q2” on July 29, 2016.
ALGN Company Profile
Align Technology, Inc., incorporated on April 3, 1997, designs, makes and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Firm operates through two divisions: Clear Aligner segment and Scanner and Services (Scanner) segment. The Clear Aligner segment consists of its Invisalign System, which includes Invisalign Full, Express/Lite, Teen, Assist and Vivera Retainers, along with its training and ancillary products for treating malocclusion. The Scanner segment consists of intra-oral scanning systems and other services available with the intra-oral scanners that provide digital alternatives to the traditional cast models. The Company’s iTero scanner is used by dental professionals, and labs and services for restorative and orthodontic digital procedures, as well as Invisalign digital impression submission.
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