Alight (NYSE:ALIT) Shares Gap Up – Still a Buy?

Alight, Inc. (NYSE:ALIT)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $6.68, but opened at $7.63. Alight shares last traded at $7.02, with a volume of 2,096,203 shares.

Analyst Ratings Changes

Several equities analysts recently commented on ALIT shares. Needham & Company LLC dropped their price objective on Alight from $11.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, January 9th. Canaccord Genuity Group upped their price target on Alight from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, KeyCorp increased their price target on Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $10.61.

Alight Price Performance

The business has a fifty day moving average of $6.81 and a 200-day moving average of $7.14. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.46. The firm has a market cap of $3.78 billion, a PE ratio of -14.51 and a beta of 0.94.

Alight (NYSE:ALIT) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. As a group, research analysts predict that Alight, Inc. will post 0.47 earnings per share for the current year.

Alight Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.30%.

Insider Transactions at Alight

In other news, President Gregory R. Goff sold 250,000 shares of Alight stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $8.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the president now owns 852,694 shares in the company, valued at approximately $6,821,552. This trade represents a 22.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.33% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio grew its stake in Alight by 40.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 7,101 shares of the company’s stock worth $49,000 after buying an additional 2,059 shares in the last quarter. Alpine Global Management LLC lifted its holdings in shares of Alight by 16.7% during the 4th quarter. Alpine Global Management LLC now owns 175,000 shares of the company’s stock worth $1,211,000 after acquiring an additional 25,000 shares during the last quarter. CSS LLC IL grew its position in Alight by 7.9% in the fourth quarter. CSS LLC IL now owns 230,874 shares of the company’s stock worth $1,598,000 after acquiring an additional 16,887 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Alight by 25.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 960,332 shares of the company’s stock valued at $6,645,000 after acquiring an additional 193,117 shares during the last quarter. Finally, Starboard Value LP raised its position in Alight by 8.8% during the fourth quarter. Starboard Value LP now owns 47,228,000 shares of the company’s stock valued at $326,818,000 after purchasing an additional 3,833,000 shares in the last quarter. 96.74% of the stock is currently owned by institutional investors.

Alight Company Profile

Alight, Inc provides cloud-based integrated digital human capital and business solutions worldwide. The company operates through two segments, Employer Solutions and Professional Services. The Employer Solutions segment offers employee wellbeing, integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management, retiree healthcare and payroll; and operates AI-led capabilities software.