Wedbush Reiterates Outperform Rating for Alight (NYSE:ALIT)

Wedbush reaffirmed their outperform rating on shares of Alight (NYSE:ALIT) in a report released on Tuesday,Benzinga reports. Wedbush currently has a $11.00 price target on the stock.

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

Alight Price Performance

Shares of NYSE:ALIT opened at $6.19 on Tuesday. Alight has a one year low of $5.87 and a one year high of $10.04. The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of -20.63 and a beta of 0.94. The company has a 50-day simple moving average of $6.60 and a 200-day simple moving average of $7.03. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.30 and a current ratio of 1.30.

Alight (NYSE:ALIT) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.21 EPS 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 company had revenue of $680.00 million for the quarter, compared to analysts’ expectations of $675.66 million. On average, analysts predict that Alight will post 0.54 EPS for the current year.

Alight Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 2.58%. The ex-dividend date was Monday, March 3rd. Alight’s payout ratio is -53.33%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ALIT. Norges Bank purchased a new stake in shares of Alight in the 4th quarter worth about $35,045,000. Starboard Value LP raised its position in Alight by 8.8% during the fourth 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 during the last quarter. Cooper Creek Partners Management LLC lifted its holdings in shares of Alight by 23.1% in the fourth quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock valued at $122,514,000 after purchasing an additional 3,322,705 shares in the last quarter. Rubric Capital Management LP grew its position in shares of Alight by 38.3% in the third quarter. Rubric Capital Management LP now owns 11,646,679 shares of the company’s stock valued at $86,185,000 after purchasing an additional 3,223,617 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Alight by 214.0% during the 4th 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 in the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

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.