Alight (NYSE:ALIT) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Alight (NYSE:ALIT) from an overweight rating to a neutral rating in a report released on Tuesday, MarketBeat.com reports. They currently have $8.00 price target on the stock.

Several other equities research analysts have also issued reports on ALIT. Needham & Company LLC dropped their target price on shares of Alight from $11.00 to $9.00 and set a buy rating for the company in a research report on Wednesday, August 7th. Bank of America dropped their target price on shares of Alight from $10.00 to $9.50 and set a buy rating for the company in a research report on Tuesday, June 25th. KeyCorp dropped their target price on shares of Alight from $11.00 to $10.00 and set an overweight rating for the company in a research report on Thursday, July 11th. Wedbush dropped their target price on shares of Alight from $12.00 to $10.00 and set an outperform rating for the company in a research report on Thursday, August 8th. Finally, DA Davidson reiterated a buy rating and set a $12.00 target price on shares of Alight in a research report on Thursday, June 20th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Alight has an average rating of Moderate Buy and a consensus target price of $10.85.

Alight Trading Down 0.3 %

Shares of Alight stock opened at $7.01 on Tuesday. Alight has a 1 year low of $6.15 and a 1 year high of $10.38. The firm has a market cap of $3.83 billion, a PE ratio of -11.31, a PEG ratio of 1.68 and a beta of 0.87. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.37 and a quick ratio of 1.37. The company has a 50 day simple moving average of $7.18 and a two-hundred day simple moving average of $8.26.

Insider Activity at Alight

In related news, COO Katie J. Rooney sold 47,851 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $7.11, for a total transaction of $340,220.61. Following the completion of the sale, the chief operating officer now directly owns 2,880,753 shares in the company, valued at approximately $20,482,153.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alight

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Alight by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 38,041,368 shares of the company’s stock valued at $374,707,000 after buying an additional 2,842,454 shares during the last quarter. Fidelity National Financial Inc. increased its position in Alight by 11.5% during the 4th quarter. Fidelity National Financial Inc. now owns 22,300,000 shares of the company’s stock valued at $190,219,000 after purchasing an additional 2,300,000 shares during the period. Dimensional Fund Advisors LP increased its position in Alight by 18.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 21,066,092 shares of the company’s stock valued at $155,463,000 after purchasing an additional 3,342,413 shares during the period. Janus Henderson Group PLC increased its position in Alight by 1.8% during the 1st 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 period. Finally, Glenview Capital Management LLC increased its position in Alight by 11.2% during the 4th 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 during the period. 96.74% of the stock is currently owned by institutional investors.

About Alight

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.