Alight (NYSE:ALIT) Receives “Buy” Rating from Needham & Company LLC

Alight (NYSE:ALIT)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued on Monday, Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 49.05% from the company’s current price.

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

Alight Stock Up 2.1 %

Shares of ALIT opened at $7.38 on Monday. The company has a 50-day simple moving average of $8.01 and a 200-day simple moving average of $8.65. The firm has a market capitalization of $4.14 billion, a P/E ratio of -11.90, a P/E/G ratio of 1.45 and a beta of 0.87. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.57 and a current ratio of 1.57. Alight has a 52 week low of $6.33 and a 52 week high of $10.38.

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

Insider Transactions at Alight

In other news, CEO Stephan Scholl sold 83,016 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 8,115,183 shares in the company, valued at $771,753,903.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alight

Several large investors have recently bought and sold shares of ALIT. Natixis Advisors L.P. raised its holdings in Alight by 81.0% in the third quarter. Natixis Advisors L.P. now owns 323,062 shares of the company’s stock worth $2,290,000 after purchasing an additional 144,573 shares during the period. Bullseye Asset Management LLC raised its holdings in Alight by 34.1% in the fourth quarter. Bullseye Asset Management LLC now owns 531,425 shares of the company’s stock worth $4,533,000 after purchasing an additional 135,000 shares during the period. Dimensional Fund Advisors LP raised its holdings in Alight by 33.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,171,721 shares of the company’s stock worth $103,826,000 after purchasing an additional 3,018,711 shares during the period. Walleye Capital LLC increased its position in shares of Alight by 229.8% during the third quarter. Walleye Capital LLC now owns 281,509 shares of the company’s stock worth $1,996,000 after acquiring an additional 196,160 shares in the last quarter. Finally, Tudor Investment Corp Et Al increased its position in shares of Alight by 387.1% during the third quarter. Tudor Investment Corp Et Al now owns 385,382 shares of the company’s stock worth $2,732,000 after acquiring an additional 306,257 shares in the last quarter. 96.74% of the stock is currently owned by institutional investors and hedge funds.

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.