Alight (NYSE:ALIT) Shares Gap Down – Should You Sell?

Shares of Alight, Inc. (NYSE:ALIT) gapped down before the market opened on Wednesday . The stock had previously closed at $7.90, but opened at $7.56. Alight shares last traded at $7.21, with a volume of 2,403,600 shares changing hands.

Analyst Ratings Changes

ALIT has been the topic of a number of recent research reports. Wedbush decreased their target price on Alight from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. JPMorgan Chase & Co. cut Alight from an “overweight” rating to a “neutral” rating and set a $8.00 target price on the stock. in a report on Tuesday, August 20th. Needham & Company LLC lifted their target price on Alight from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. KeyCorp lifted their target price on Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group lifted their target price on Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Alight currently has an average rating of “Moderate Buy” and an average target price of $10.95.

Alight Stock Down 4.9 %

The business has a 50-day simple moving average of $7.44 and a two-hundred day simple moving average of $7.36. The company has a market cap of $4.08 billion, a price-to-earnings ratio of -15.42 and a beta of 0.92. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46.

Alight (NYSE:ALIT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.09 EPS for the quarter, hitting analysts’ consensus estimates of $0.09. The business had revenue of $555.00 million for the quarter, compared to analyst estimates of $538.39 million. Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 earnings per share. As a group, equities analysts forecast that Alight, Inc. will post 0.47 earnings per share for the current fiscal year.

Alight Announces Dividend

The firm also recently disclosed a — dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.04 dividend. The ex-dividend date of this dividend is Monday, December 2nd.

Insider Transactions at Alight

In related news, insider Gregory A. George sold 84,929 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $7.60, for a total transaction of $645,460.40. Following the transaction, the insider now directly owns 223,327 shares in the company, valued at $1,697,285.20. The trade was a 27.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Gregory R. Goff sold 250,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $8.00, for a total value of $2,000,000.00. Following the transaction, the president now owns 852,694 shares in the company, valued at $6,821,552. This represents a 22.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,334,929 shares of company stock worth $43,895,460. Company insiders own 5.33% of the company’s stock.

Hedge Funds Weigh In On Alight

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Alight by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 10,068,446 shares of the company’s stock valued at $74,521,000 after purchasing an additional 77,948 shares during the period. Barclays PLC grew its stake in shares of Alight by 148.2% in the 3rd quarter. Barclays PLC now owns 815,841 shares of the company’s stock valued at $6,037,000 after purchasing an additional 487,185 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of Alight by 65.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 5,042 shares of the company’s stock valued at $37,000 after purchasing an additional 1,996 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Alight in the 3rd quarter valued at approximately $588,000. Finally, Wexford Capital LP boosted its holdings in shares of Alight by 320.2% in the 3rd quarter. Wexford Capital LP now owns 110,000 shares of the company’s stock worth $814,000 after acquiring an additional 83,822 shares in the last quarter. 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.