Alight’s (ALIT) “Buy” Rating Reaffirmed at DA Davidson

DA Davidson reiterated their buy rating on shares of Alight (NYSE:ALIT) in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a $10.00 target price on the stock.

A number of other research analysts also recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $9.00 price target on shares of Alight in a report on Monday, March 24th. Wedbush reaffirmed an “outperform” rating and set a $11.00 price objective on shares of Alight in a research report on Tuesday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.19.

Alight Stock Performance

Shares of Alight stock opened at $5.91 on Wednesday. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. The stock’s fifty day moving average is $6.56 and its two-hundred day moving average is $7.01. Alight has a 52 week low of $5.87 and a 52 week high of $9.92. The company has a market capitalization of $3.21 billion, a PE ratio of -19.68 and a beta of 0.94.

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

Alight Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a $0.04 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.16 dividend on an annualized basis and a yield of 2.71%. Alight’s payout ratio is -53.33%.

Insider Activity

In related news, Director Richard N. Massey bought 100,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were bought at an average price of $6.39 per share, with a total value of $639,000.00. Following the completion of the transaction, the director now directly owns 1,573,489 shares of the company’s stock, valued at $10,054,594.71. This represents a 6.79 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert A. Schriesheim acquired 22,092 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average cost of $6.79 per share, with a total value of $150,004.68. Following the transaction, the director now directly owns 22,092 shares in the company, valued at $150,004.68. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders purchased 125,092 shares of company stock worth $807,755 over the last ninety days. Corporate insiders own 5.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Alight during the 4th quarter worth approximately $35,045,000. Starboard Value LP lifted its position in shares of Alight by 8.8% during the 4th quarter. Starboard Value LP now owns 47,228,000 shares of the company’s stock worth $326,818,000 after purchasing an additional 3,833,000 shares during the last quarter. Cooper Creek Partners Management LLC grew its stake in shares of Alight by 23.1% during the fourth quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock worth $122,514,000 after purchasing an additional 3,322,705 shares in the last quarter. Rubric Capital Management LP increased its holdings in Alight by 38.3% in the third quarter. Rubric Capital Management LP now owns 11,646,679 shares of the company’s stock valued at $86,185,000 after buying an additional 3,223,617 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Alight by 214.0% in the fourth quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock valued at $31,839,000 after buying an additional 3,135,846 shares in the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

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.