Alight’s (ALIT) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Alight (NYSE:ALIT) in a research report report published on Monday,Benzinga reports. They currently have a $9.00 target price on the stock.

Alight Stock Performance

ALIT opened at $6.24 on Monday. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average is $6.61 and its 200-day moving average is $7.03. The stock has a market cap of $3.39 billion, a PE ratio of -20.78 and a beta of 0.94. Alight has a twelve month low of $5.87 and a twelve month 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 the consensus estimate of $0.25 by ($0.04). Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. The business had revenue of $680.00 million for the quarter, compared to the consensus estimate of $675.66 million. On average, analysts predict that Alight will post 0.54 earnings per share for the current year.

Alight Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date was Monday, March 3rd. Alight’s dividend payout ratio is currently -53.33%.

Insider Activity

In other news, Director Richard N. Massey bought 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $6.39 per share, with a total value of $639,000.00. Following the completion of the purchase, the director now directly owns 1,573,489 shares of the company’s stock, valued at $10,054,594.71. This represents a 6.79 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert A. Schriesheim bought 22,092 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were purchased at an average cost of $6.79 per share, for a total transaction of $150,004.68. Following the completion of the acquisition, the director now owns 22,092 shares of the company’s stock, valued at $150,004.68. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 125,092 shares of company stock worth $807,755 over the last three months. Corporate insiders own 5.33% of the company’s stock.

Institutional Trading of Alight

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank bought a new stake in Alight during the fourth quarter worth approximately $35,045,000. Starboard Value LP boosted its stake in shares of Alight by 8.8% during the 4th quarter. Starboard Value LP now owns 47,228,000 shares of the company’s stock worth $326,818,000 after acquiring an additional 3,833,000 shares in the last quarter. Cooper Creek Partners Management LLC boosted its stake in shares of Alight by 23.1% during the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock worth $122,514,000 after acquiring an additional 3,322,705 shares in the last quarter. Rubric Capital Management LP grew its holdings in shares of Alight by 38.3% in the 3rd quarter. Rubric Capital Management LP now owns 11,646,679 shares of the company’s stock worth $86,185,000 after acquiring an additional 3,223,617 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Alight by 214.0% during the fourth quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock worth $31,839,000 after purchasing an additional 3,135,846 shares during the period. 96.74% of the stock is currently owned by institutional investors.

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.