Handelsbanken Fonder AB Increases Stock Position in Alight, Inc. (NYSE:ALIT)

Handelsbanken Fonder AB increased its position in shares of Alight, Inc. (NYSE:ALIT) by 114.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 139,200 shares of the company’s stock after buying an additional 74,400 shares during the period. Handelsbanken Fonder AB’s holdings in Alight were worth $1,030,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Rubric Capital Management LP acquired a new position in shares of Alight in the second quarter worth about $62,162,000. Coronation Fund Managers Ltd. purchased a new position in shares of Alight during the 1st quarter valued at approximately $55,239,000. Dimensional Fund Advisors LP grew its position in shares of Alight by 18.9% during the second quarter. Dimensional Fund Advisors LP now owns 21,066,092 shares of the company’s stock worth $155,463,000 after buying an additional 3,342,413 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Alight by 8.1% in the first quarter. Vanguard Group Inc. now owns 38,041,368 shares of the company’s stock worth $374,707,000 after buying an additional 2,842,454 shares during the last quarter. Finally, Wolf Hill Capital Management LP raised its holdings in Alight by 28.4% in the first quarter. Wolf Hill Capital Management LP now owns 11,097,311 shares of the company’s stock valued at $109,309,000 after acquiring an additional 2,454,870 shares in the last quarter. Institutional investors and hedge funds own 96.74% of the company’s stock.

Alight Price Performance

Shares of ALIT opened at $7.16 on Friday. Alight, Inc. has a 12 month low of $6.15 and a 12 month high of $10.38. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a fifty day moving average price of $7.15 and a 200 day moving average price of $7.76. The company has a market cap of $3.91 billion, a P/E ratio of -16.27 and a beta of 0.86.

Alight (NYSE:ALIT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. Alight had a negative net margin of 6.58% and a positive return on equity of 5.42%. The company had revenue of $787.00 million during the quarter, compared to the consensus estimate of $791.22 million. On average, research analysts forecast that Alight, Inc. will post 0.42 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ALIT. Needham & Company LLC reissued a “buy” rating and set a $9.00 price objective on shares of Alight in a report on Monday, September 30th. JPMorgan Chase & Co. cut Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price objective on the stock. in a research note on Tuesday, August 20th. DA Davidson reiterated a “buy” rating and issued a $12.00 target price on shares of Alight in a research report on Thursday, June 20th. Bank of America lowered their price target on Alight from $10.00 to $9.50 and set a “buy” rating for the company in a report on Tuesday, June 25th. Finally, Citigroup reduced their price objective on Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.75.

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.