Gabelli Funds LLC Grows Stake in Alight, Inc. $ALIT

Gabelli Funds LLC grew its stake in shares of Alight, Inc. (NYSE:ALIT) by 158.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,057,321 shares of the company’s stock after acquiring an additional 648,403 shares during the quarter. Gabelli Funds LLC’s holdings in Alight were worth $3,447,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Nomura Holdings Inc. bought a new position in Alight during the 2nd quarter valued at about $32,050,000. Norges Bank bought a new stake in shares of Alight in the second quarter worth approximately $28,596,000. Man Group plc grew its stake in shares of Alight by 155.4% in the second quarter. Man Group plc now owns 3,830,799 shares of the company’s stock worth $21,682,000 after acquiring an additional 2,331,077 shares during the period. Alberta Investment Management Corp purchased a new position in shares of Alight during the second quarter valued at approximately $12,028,000. Finally, Rubric Capital Management LP raised its holdings in shares of Alight by 10.8% during the second quarter. Rubric Capital Management LP now owns 19,626,953 shares of the company’s stock valued at $111,089,000 after purchasing an additional 1,906,140 shares during the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ALIT. Needham & Company LLC cut shares of Alight from a “buy” rating to a “hold” rating in a report on Thursday, February 19th. Bank of America assumed coverage on shares of Alight in a research note on Tuesday, February 17th. They set an “underperform” rating and a $1.40 target price for the company. KeyCorp cut Alight from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Alight in a research note on Wednesday, January 21st. Finally, DA Davidson cut their price objective on Alight from $6.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $3.56.

Alight Stock Performance

ALIT opened at $0.91 on Wednesday. The company’s 50 day moving average is $1.38 and its 200 day moving average is $2.31. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.90. The company has a market cap of $484.79 million, a price-to-earnings ratio of -0.15, a PEG ratio of 0.51 and a beta of 1.16. Alight, Inc. has a 12-month low of $0.65 and a 12-month high of $6.39.

Alight (NYSE:ALIT) last announced its earnings results on Thursday, February 19th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.07). Alight had a negative net margin of 136.91% and a positive return on equity of 9.61%. The business had revenue of $653.00 million for the quarter, compared to analysts’ expectations of $654.30 million. On average, equities research analysts predict that Alight, Inc. will post 0.54 EPS for the current year.

Insider Activity

In other Alight news, CEO Rohit Verma acquired 100,000 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was purchased at an average price of $0.77 per share, with a total value of $77,000.00. Following the transaction, the chief executive officer directly owned 1,022,883 shares in the company, valued at approximately $787,619.91. The trade was a 10.84% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.93% of the stock is currently owned by insiders.

Alight Company Profile

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.