Insider Buying: Alight (NYSE:ALIT) CEO Acquires $77,000.00 in Stock

Alight, Inc. (NYSE:ALIT) CEO Rohit Verma purchased 100,000 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were acquired at an average cost of $0.77 per share, for a total transaction of $77,000.00. Following the completion of the purchase, the chief executive officer directly owned 1,022,883 shares of the company’s stock, valued at approximately $787,619.91. This represents a 10.84% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Alight Price Performance

Shares of Alight stock opened at $0.88 on Friday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.21 and a current ratio of 1.31. Alight, Inc. has a 52-week low of $0.65 and a 52-week high of $6.89. The company has a fifty day moving average of $1.53 and a 200-day moving average of $2.47. The stock has a market capitalization of $468.15 million, a price-to-earnings ratio of -0.15, a price-to-earnings-growth ratio of 0.48 and a beta of 1.09.

Alight (NYSE:ALIT) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.07). Alight had a positive return on equity of 9.61% and a negative net margin of 136.91%.The business had revenue of $653.00 million during the quarter, compared to the consensus estimate of $654.30 million. Equities research analysts expect that Alight, Inc. will post 0.54 EPS for the current year.

Institutional Trading of Alight

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Strs Ohio purchased a new position in Alight during the 1st quarter valued at $25,000. EverSource Wealth Advisors LLC boosted its stake in shares of Alight by 152.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,201 shares of the company’s stock valued at $29,000 after purchasing an additional 3,138 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Alight by 68.8% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 8,100 shares of the company’s stock valued at $46,000 after purchasing an additional 3,300 shares in the last quarter. Danske Bank A S purchased a new position in shares of Alight during the third quarter valued at about $31,000. Finally, Evergreen Capital Management LLC bought a new position in Alight in the third quarter worth about $35,000. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on ALIT. Needham & Company LLC cut Alight from a “buy” rating to a “hold” rating in a research note on Thursday, February 19th. Citigroup cut shares of Alight from a “buy” rating to a “neutral” rating and cut their target price for the stock from $6.50 to $1.00 in a report on Friday, February 20th. Wedbush decreased their target price on shares of Alight from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Alight in a research report on Wednesday, January 21st. Finally, Wall Street Zen lowered shares of Alight from a “hold” rating to a “sell” rating in a report on Saturday. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $3.56.

About Alight

Alight, Inc (NYSE: ALIT) is a leading provider of cloud-based human capital and financial solutions designed to help organizations and their employees navigate critical life and work events. The company offers a comprehensive suite of services, including payroll administration, benefits enrollment and management, workforce and analytics solutions, health and welfare support, and financial wellness programs. By integrating advanced technology with expert advisory services, Alight aims to simplify the administration of human resources and benefits functions, improve employee engagement and productivity, and drive cost efficiencies for its clients.

Alight’s core platform leverages cloud architecture and automation to deliver scalable and secure solutions that address the needs of mid-sized and large enterprises.