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

Alight (NYSE:ALIT)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research report issued on Monday, Benzinga reports. They presently have a $11.00 price target on the stock. Needham & Company LLC’s price target indicates a potential upside of 55.26% from the stock’s current price.

Other equities analysts have also issued reports about the stock. DA Davidson reiterated a “buy” rating and issued a $12.00 target price on shares of Alight in a report on Thursday, June 20th. Wedbush dropped their price objective on shares of Alight from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. KeyCorp dropped their price objective on shares of Alight from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday, May 9th. Bank of America reduced their price target on shares of Alight from $10.00 to $9.50 and set a “buy” rating for the company in a research report on Tuesday, June 25th. Finally, Canaccord Genuity Group lifted their target price on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $11.72.

Alight Stock Down 0.5 %

ALIT opened at $7.09 on Monday. Alight has a fifty-two week low of $6.33 and a fifty-two week high of $10.38. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.57 and a current ratio of 1.57. The company has a fifty day moving average of $7.92 and a two-hundred day moving average of $8.63. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of -11.43, a PEG ratio of 1.45 and a beta of 0.87.

Alight (NYSE:ALIT) last released its earnings results on Wednesday, May 8th. The company reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. The business had revenue of $816.00 million during the quarter, compared to analysts’ expectations of $832.41 million. Alight had a negative net margin of 9.19% and a positive return on equity of 5.14%. On average, research analysts expect that Alight will post 0.52 earnings per share for the current year.

Insider Transactions at Alight

In related news, CEO Stephan Scholl sold 83,016 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the completion of the sale, the chief executive officer now directly owns 8,115,183 shares of the company’s stock, valued at approximately $771,753,903.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Alight by 8.1% during the first quarter. Vanguard Group Inc. now owns 38,041,368 shares of the company’s stock worth $374,707,000 after acquiring an additional 2,842,454 shares during the period. Fidelity National Financial Inc. boosted its holdings in shares of Alight by 11.5% in the fourth quarter. Fidelity National Financial Inc. now owns 22,300,000 shares of the company’s stock valued at $190,219,000 after acquiring an additional 2,300,000 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Alight by 1.8% during the first quarter. Janus Henderson Group PLC now owns 19,060,481 shares of the company’s stock worth $187,745,000 after buying an additional 331,303 shares in the last quarter. Glenview Capital Management LLC boosted its holdings in Alight by 11.2% during the fourth quarter. Glenview Capital Management LLC now owns 18,202,012 shares of the company’s stock worth $155,263,000 after buying an additional 1,835,481 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Alight by 33.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 12,171,721 shares of the company’s stock worth $103,826,000 after buying an additional 3,018,711 shares in the last quarter. 96.74% of the stock is owned by hedge funds and other 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.