Short Interest in Alight, Inc. (NYSE:ALIT) Increases By 8.2%

Alight, Inc. (NYSE:ALIT) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 37,850,000 shares, an increase of 8.2% from the August 15th total of 34,990,000 shares. Based on an average daily volume of 5,110,000 shares, the short-interest ratio is currently 7.4 days. Approximately 8.6% of the shares of the stock are sold short.

Alight Stock Performance

Shares of ALIT opened at $7.24 on Thursday. The stock has a market capitalization of $3.96 billion, a P/E ratio of -11.68, a price-to-earnings-growth ratio of 1.77 and a beta of 0.86. The firm’s fifty day simple moving average is $7.18 and its two-hundred day simple moving average is $7.99. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.55. Alight has a 12 month low of $6.15 and a 12 month high of $10.38.

Alight (NYSE:ALIT) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $787.00 million for the quarter, compared to analysts’ expectations of $791.22 million. Alight had a negative net margin of 6.58% and a positive return on equity of 5.42%. As a group, analysts predict that Alight will post 0.42 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ALIT shares. Needham & Company LLC lowered their price target on shares of Alight from $11.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Bank of America lowered their price target on shares of Alight from $10.00 to $9.50 and set a “buy” rating for the company in a report on Tuesday, June 25th. KeyCorp decreased their price objective on Alight from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, July 11th. Citigroup decreased their price objective on Alight from $12.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, Wedbush decreased their price objective on Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.75.

Insider Buying and Selling at Alight

In other 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 transaction, the chief operating officer now directly owns 2,880,753 shares in the company, valued at $20,482,153.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.33% of the company’s stock.

Hedge Funds Weigh In On Alight

A number of institutional investors and hedge funds have recently made changes to their positions in ALIT. Greenlight Capital Inc. bought a new position in shares of Alight during the 4th quarter worth about $78,831,000. Rubric Capital Management LP acquired a new stake in shares of Alight in the 2nd quarter worth about $62,162,000. Coronation Fund Managers Ltd. acquired a new stake in shares of Alight in the 1st quarter worth about $55,239,000. Norges Bank acquired a new stake in shares of Alight in the 4th quarter worth about $42,947,000. Finally, UBS Group AG raised its holdings in shares of Alight by 1,767.5% in the 4th quarter. UBS Group AG now owns 4,998,050 shares of the company’s stock worth $42,633,000 after acquiring an additional 4,730,410 shares during the last quarter. Institutional investors own 96.74% of the company’s stock.

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.