Alight’s (ALIT) Outperform Rating Reiterated at Wedbush

Alight (NYSE:ALIT)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a report released on Tuesday,Benzinga reports. They presently have a $11.00 target price on the stock. Wedbush’s target price would indicate a potential upside of 76.37% from the company’s previous close.

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Alight in a research report on Monday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.44.

Alight Trading Up 0.1 %

Shares of ALIT stock traded up $0.01 on Tuesday, hitting $6.24. The stock had a trading volume of 2,335,066 shares, compared to its average volume of 5,420,257. The firm has a market cap of $3.39 billion, a P/E ratio of -20.82 and a beta of 0.94. Alight has a twelve month low of $5.87 and a twelve month high of $10.04. 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 company has a fifty day moving average price of $6.61 and a two-hundred day moving average price of $7.03.

Alight (NYSE:ALIT) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. The business had revenue of $680.00 million for the quarter, compared to analyst estimates of $675.66 million. As a group, analysts forecast that Alight will post 0.54 earnings per share for the current fiscal year.

Insider Activity at Alight

In related news, Director Richard N. Massey acquired 100,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $6.39 per share, for a total transaction of $639,000.00. Following the purchase, the director now directly owns 1,573,489 shares in the company, valued at approximately $10,054,594.71. This trade represents a 6.79 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert A. Schriesheim acquired 22,092 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was bought at an average cost of $6.79 per share, with a total value of $150,004.68. Following the acquisition, the director now owns 22,092 shares in the company, valued at $150,004.68. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 125,092 shares of company stock valued at $807,755. Corporate insiders own 5.33% of the company’s stock.

Hedge Funds Weigh In On Alight

Institutional investors have recently added to or reduced their stakes in the company. Walleye Capital LLC bought a new position in shares of Alight in the 3rd quarter valued at about $5,063,000. JPMorgan Chase & Co. grew its holdings in Alight by 202.8% during the third quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company’s stock worth $13,794,000 after purchasing an additional 1,248,465 shares during the period. Wexford Capital LP grew its holdings in Alight by 320.2% during the third quarter. Wexford Capital LP now owns 110,000 shares of the company’s stock worth $814,000 after purchasing an additional 83,822 shares during the period. Maverick Capital Ltd. acquired a new position in Alight during the third quarter worth approximately $1,834,000. Finally, Weiss Asset Management LP bought a new stake in Alight in the third quarter valued at approximately $1,512,000. 96.74% of the stock is currently owned by institutional investors and hedge funds.

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.