Short Interest in Alight, Inc. (NYSE:ALIT) Grows By 8.2%

Alight, Inc. (NYSE:ALIT) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 37,850,000 shares, a growth of 8.2% from the August 15th total of 34,990,000 shares. Based on an average trading volume of 5,110,000 shares, the short-interest ratio is presently 7.4 days. Currently, 8.6% of the company’s stock are sold short.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ALIT shares. Bank of America lowered their price objective on shares of Alight from $10.00 to $9.50 and set a “buy” rating on the stock in a research report on Tuesday, June 25th. Wedbush cut their price objective on Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. KeyCorp lowered their target price on Alight from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. JPMorgan Chase & Co. cut Alight from an “overweight” rating to a “neutral” rating and set a $8.00 target price on the stock. in a research report on Tuesday, August 20th. Finally, DA Davidson reaffirmed a “buy” rating and set a $12.00 price target on shares of Alight in a research report on Thursday, June 20th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Alight currently has an average rating of “Moderate Buy” and a consensus price target of $10.75.

Insider Activity at Alight

In related news, COO Katie J. Rooney sold 47,851 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $7.11, for a total value of $340,220.61. Following the transaction, the chief operating officer now directly owns 2,880,753 shares of the company’s stock, valued at approximately $20,482,153.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Greenlight Capital Inc. bought a new position in Alight during the fourth quarter valued at approximately $78,831,000. Rubric Capital Management LP purchased a new position in shares of Alight in the second quarter valued at $62,162,000. Coronation Fund Managers Ltd. bought a new stake in Alight in the first quarter worth $55,239,000. Norges Bank purchased a new stake in Alight during the fourth quarter valued at $42,947,000. Finally, UBS Group AG lifted its position in Alight by 1,767.5% during the fourth quarter. UBS Group AG now owns 4,998,050 shares of the company’s stock valued at $42,633,000 after purchasing an additional 4,730,410 shares during the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Alight Stock Up 0.6 %

Shares of ALIT stock opened at $7.28 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.37 and a quick ratio of 1.37. Alight has a one year low of $6.15 and a one year high of $10.38. The company’s fifty day moving average price is $7.17 and its 200-day moving average price is $8.01. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of -11.73, a PEG ratio of 1.74 and a beta of 0.86.

Alight (NYSE:ALIT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $787.00 million for the quarter, compared to analysts’ expectations of $791.22 million. Alight had a positive return on equity of 5.42% and a negative net margin of 6.58%. Sell-side analysts expect that Alight will post 0.42 EPS for the current fiscal year.

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.