Alight (NYSE:ALIT) Given “Outperform” Rating at Wedbush

Alight (NYSE:ALIT)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a report issued on Tuesday,Benzinga reports. They presently have a $11.00 price target on the stock. Wedbush’s price target would suggest a potential upside of 76.37% from the stock’s current price.

Separately, Needham & Company LLC reissued a “buy” rating and set a $9.00 target price on shares of Alight in a report on Monday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.44.

Alight Stock Performance

Alight stock traded up $0.01 during trading hours on Tuesday, hitting $6.24. The company had a trading volume of 2,335,066 shares, compared to its average volume of 5,420,257. The firm has a 50-day moving average of $6.61 and a 200 day moving average of $7.03. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.30 and a quick ratio of 1.30. The firm has a market cap of $3.39 billion, a PE ratio of -20.82 and a beta of 0.94. Alight has a one year low of $5.87 and a one year high of $10.04.

Alight (NYSE:ALIT) last announced its earnings results on Thursday, February 20th. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). The firm had revenue of $680.00 million for the quarter, compared to the consensus estimate of $675.66 million. Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. On average, sell-side analysts expect that Alight will post 0.54 earnings per share for the current year.

Insider Activity

In related news, Director Richard N. Massey bought 100,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were purchased at an average price of $6.39 per share, for a total transaction of $639,000.00. Following the completion of the transaction, the director now directly owns 1,573,489 shares of the company’s stock, valued at approximately $10,054,594.71. This represents a 6.79 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert A. Schriesheim purchased 22,092 shares of the stock in a transaction dated Monday, March 3rd. The shares were bought at an average price of $6.79 per share, with a total value of $150,004.68. Following the completion of the acquisition, the director now directly owns 22,092 shares of the company’s stock, valued at approximately $150,004.68. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 125,092 shares of company stock worth $807,755. 5.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alight

Several large investors have recently bought and sold shares of the company. Walleye Capital LLC bought a new position in Alight in the 3rd quarter valued at approximately $5,063,000. JPMorgan Chase & Co. raised its stake in shares of Alight by 202.8% during the third quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company’s stock valued at $13,794,000 after acquiring an additional 1,248,465 shares during the last quarter. Wexford Capital LP lifted its holdings in shares of Alight by 320.2% during the third quarter. Wexford Capital LP now owns 110,000 shares of the company’s stock worth $814,000 after purchasing an additional 83,822 shares during the period. Maverick Capital Ltd. acquired a new position in shares of Alight during the third quarter worth $1,834,000. Finally, Weiss Asset Management LP bought a new stake in shares of Alight in the third quarter worth $1,512,000. 96.74% of the stock is currently owned by 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.