Alight’s (ALIT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Alight (NYSE:ALIT) in a research note released on Monday morning, Benzinga reports. Needham & Company LLC currently has a $11.00 price target on the stock.

Several other brokerages have also recently commented on ALIT. DA Davidson reaffirmed a buy rating and issued a $12.00 target price on shares of Alight in a research report on Thursday, June 20th. UBS Group raised their price objective on shares of Alight from $12.00 to $13.00 and gave the stock a buy rating in a report on Thursday, March 21st. Bank of America lowered their target price on shares of Alight from $10.00 to $9.50 and set a buy rating on the stock in a research note on Tuesday, June 25th. Wedbush dropped their price target on shares of Alight from $14.00 to $12.00 and set an outperform rating for the company in a research report on Friday, May 10th. Finally, KeyCorp decreased their price objective on Alight from $12.00 to $11.00 and set an overweight rating on the stock in a report on Thursday, May 9th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $11.72.

Alight Stock Up 0.1 %

Shares of ALIT opened at $7.10 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.57 and a current ratio of 1.57. The company has a 50-day simple moving average of $7.88 and a 200-day simple moving average of $8.62. Alight has a 52 week low of $6.33 and a 52 week high of $10.38. The firm has a market capitalization of $3.99 billion, a P/E ratio of -11.45, a P/E/G ratio of 1.45 and a beta of 0.87.

Alight (NYSE:ALIT) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. Alight had a positive return on equity of 5.14% and a negative net margin of 9.19%. The firm had revenue of $816.00 million during the quarter, compared to analysts’ expectations of $832.41 million. On average, equities research analysts expect that Alight will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Stephan Scholl sold 83,016 shares of Alight stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $95.10, for a total value of $7,894,821.60. Following the completion of the transaction, the chief executive officer now owns 8,115,183 shares in the company, valued at $771,753,903.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.33% of the company’s stock.

Institutional Trading of Alight

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Alight by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 38,041,368 shares of the company’s stock worth $374,707,000 after buying an additional 2,842,454 shares in the last quarter. Fidelity National Financial Inc. lifted its position in shares of Alight by 11.5% during the fourth quarter. Fidelity National Financial Inc. now owns 22,300,000 shares of the company’s stock worth $190,219,000 after purchasing an additional 2,300,000 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Alight by 1.8% during the first quarter. Janus Henderson Group PLC now owns 19,060,481 shares of the company’s stock valued at $187,745,000 after purchasing an additional 331,303 shares during the last quarter. Glenview Capital Management LLC increased its holdings in shares of Alight by 11.2% in the fourth quarter. Glenview Capital Management LLC now owns 18,202,012 shares of the company’s stock valued at $155,263,000 after purchasing an additional 1,835,481 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Alight by 33.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 12,171,721 shares of the company’s stock worth $103,826,000 after purchasing an additional 3,018,711 shares during the last quarter. 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.