Alight (NYSE:ALIT) Shares Gap Up – Time to Buy?

Alight, Inc. (NYSE:ALIT) gapped up prior to trading on Thursday . The stock had previously closed at $6.68, but opened at $7.63. Alight shares last traded at $7.02, with a volume of 2,096,203 shares changing hands.

Analysts Set New Price Targets

ALIT has been the topic of several recent research reports. Needham & Company LLC reduced their price target on Alight from $11.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, January 9th. KeyCorp increased their price objective on Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group lifted their target price on shares of Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.61.

Alight Price Performance

The company has a market cap of $3.78 billion, a PE ratio of -14.51 and a beta of 0.94. The business has a 50 day moving average of $6.81 and a 200 day moving average of $7.14. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.30 and a quick ratio of 1.30.

Alight (NYSE:ALIT) last posted its earnings results on Thursday, February 20th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.04). Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. As a group, research analysts predict that Alight, Inc. will post 0.47 EPS for the current year.

Alight Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.30%.

Insider Transactions at Alight

In other news, President Gregory R. Goff sold 250,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $8.00, for a total transaction of $2,000,000.00. Following the sale, the president now owns 852,694 shares in the company, valued at approximately $6,821,552. The trade was a 22.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.33% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Blue Trust Inc. boosted its holdings in shares of 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 buying an additional 1,729 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Alight by 65.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 5,042 shares of the company’s stock valued at $37,000 after acquiring an additional 1,996 shares during the period. Venturi Wealth Management LLC purchased a new stake in shares of Alight in the 4th quarter worth $50,000. Oppenheimer & Co. Inc. bought a new position in Alight in the 3rd quarter worth $74,000. Finally, Sandia Investment Management LP purchased a new position in Alight during the fourth quarter valued at $69,000. 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.