Needham & Company LLC Forecasts Strong Price Appreciation for Alight (NYSE:ALIT) Stock

Alight (NYSE:ALIT) had its target price hoisted by analysts at Needham & Company LLC from $9.00 to $11.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 39.51% from the company’s previous close.

A number of other research firms have also issued reports on ALIT. Citigroup lowered their target price on shares of Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. JPMorgan Chase & Co. cut Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price objective for the company. in a research report on Tuesday, August 20th. Finally, Wedbush decreased their target price on Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Alight currently has an average rating of “Moderate Buy” and an average target price of $10.95.

Alight Price Performance

NYSE ALIT opened at $7.89 on Wednesday. Alight has a fifty-two week low of $6.15 and a fifty-two week high of $10.38. The stock’s 50-day moving average is $7.26 and its two-hundred day moving average is $7.42. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.37 and a current ratio of 1.30.

Alight (NYSE:ALIT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. The business had revenue of $555.00 million for the quarter, compared to the consensus estimate of $538.39 million. Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. The firm’s revenue was down .4% compared to the same quarter last year. During the same period last year, the business earned $0.07 EPS. Equities research analysts anticipate that Alight will post 0.42 EPS for the current year.

Insider Buying and Selling

In other Alight news, Director William P. Foley II sold 5,000,000 shares of Alight stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total transaction of $41,250,000.00. Following the completion of the transaction, the director now directly owns 883,323 shares of the company’s stock, valued at approximately $7,287,414.75. This trade represents a 84.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing 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

Institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its holdings in shares of Alight by 65.3% during the second quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock worth $55,000 after buying an additional 2,961 shares in the last quarter. Motco acquired a new stake in Alight during the 1st quarter valued at $95,000. Oppenheimer & Co. Inc. bought a new position in Alight in the 3rd quarter valued at $74,000. FMR LLC boosted its stake in Alight by 44.4% in the third quarter. FMR LLC now owns 11,995 shares of the company’s stock worth $89,000 after purchasing an additional 3,689 shares in the last quarter. Finally, KBC Group NV grew its holdings in shares of Alight by 24.0% during the third quarter. KBC Group NV now owns 12,049 shares of the company’s stock worth $89,000 after purchasing an additional 2,331 shares during the last quarter. 96.74% of the stock is owned by institutional investors.

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.