Alight (NYSE:ALIT) Shares Gap Up – Still a Buy?

Shares of Alight, Inc. (NYSE:ALIT) gapped up before the market opened on Tuesday . The stock had previously closed at $7.46, but opened at $8.60. Alight shares last traded at $8.81, with a volume of 2,663,187 shares trading hands.

Analyst Ratings Changes

Several research firms have issued reports on ALIT. JPMorgan Chase & Co. cut shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 target price on the stock. in a research note on Tuesday, August 20th. Wedbush decreased their target price on shares of Alight from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $9.00 price objective on shares of Alight in a research note on Monday, September 30th. Finally, Citigroup dropped their price objective on shares of Alight from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $10.75.

Alight Trading Up 14.9 %

The company has a debt-to-equity ratio of 0.55, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market cap of $4.68 billion, a price-to-earnings ratio of -19.36 and a beta of 0.87. The company’s fifty day moving average price is $7.20 and its 200-day moving average price is $7.42.

Hedge Funds Weigh In On Alight

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Alight by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 38,041,368 shares of the company’s stock worth $374,707,000 after buying an additional 2,842,454 shares during the period. Dimensional Fund Advisors LP boosted its position in Alight by 18.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 21,066,092 shares of the company’s stock worth $155,463,000 after purchasing an additional 3,342,413 shares in the last quarter. Janus Henderson Group PLC boosted its position in Alight by 1.8% in the 1st quarter. Janus Henderson Group PLC now owns 19,060,481 shares of the company’s stock worth $187,745,000 after purchasing an additional 331,303 shares in the last quarter. Wolf Hill Capital Management LP boosted its position in Alight by 28.4% in the 1st quarter. Wolf Hill Capital Management LP now owns 11,097,311 shares of the company’s stock worth $109,309,000 after purchasing an additional 2,454,870 shares in the last quarter. Finally, River Road Asset Management LLC boosted its position in Alight by 2.9% in the 3rd quarter. River Road Asset Management LLC now owns 9,988,254 shares of the company’s stock worth $73,913,000 after purchasing an additional 286,133 shares in the last quarter. Institutional investors and hedge funds 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.