Needham & Company LLC Reiterates “Buy” Rating for Alight (NYSE:ALIT)

Needham & Company LLC reiterated their buy rating on shares of Alight (NYSE:ALIT) in a report issued on Monday morning,Benzinga reports. The firm currently has a $9.00 target price on the stock.

Alight Price Performance

Shares of NYSE:ALIT opened at $6.19 on Monday. The company’s fifty day moving average is $6.59 and its 200-day moving average is $7.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.30 and a current ratio of 1.30. Alight has a 52 week low of $5.87 and a 52 week high of $10.04. The company has a market capitalization of $3.36 billion, a PE ratio of -20.63 and a beta of 0.94.

Alight (NYSE:ALIT) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). The firm had revenue of $680.00 million during the quarter, compared to analyst estimates of $675.66 million. Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. Equities research analysts predict that Alight will post 0.54 earnings per share for the current fiscal year.

Alight Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a $0.04 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.16 annualized dividend and a yield of 2.58%. Alight’s payout ratio is -53.33%.

Insider Transactions at Alight

In related news, Director Robert A. Schriesheim bought 22,092 shares of Alight stock in a transaction dated Monday, March 3rd. The shares were bought at an average cost of $6.79 per share, for a total transaction of $150,004.68. Following the completion of the transaction, the director now owns 22,092 shares of the company’s stock, valued at approximately $150,004.68. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard N. Massey purchased 100,000 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average cost of $6.39 per share, with a total value of $639,000.00. Following the acquisition, the director now owns 1,573,489 shares of the company’s stock, valued at $10,054,594.71. This represents a 6.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 125,092 shares of company stock worth $807,755. Insiders own 5.33% of the company’s stock.

Hedge Funds Weigh In On Alight

Several large investors have recently made changes to their positions in the company. Blue Trust Inc. increased its position in Alight by 107.6% in the fourth quarter. Blue Trust Inc. now owns 3,336 shares of the company’s stock worth $25,000 after purchasing an additional 1,729 shares during the period. Public Employees Retirement System of Ohio boosted 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 last quarter. Cornerstone Investment Partners LLC grew its position in shares of Alight by 3.6% during the 4th quarter. Cornerstone Investment Partners LLC now owns 67,673 shares of the company’s stock worth $468,000 after buying an additional 2,356 shares during the period. Xponance Inc. raised its stake in shares of Alight by 8.8% during the fourth quarter. Xponance Inc. now owns 30,229 shares of the company’s stock worth $209,000 after buying an additional 2,437 shares during the last quarter. Finally, Shay Capital LLC lifted its holdings in Alight by 2.4% in the fourth quarter. Shay Capital LLC now owns 128,000 shares of the company’s stock valued at $886,000 after buying an additional 3,000 shares during the period. Institutional investors and hedge funds own 96.74% of the company’s stock.

Alight Company Profile

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.