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

Alight (NYSE:ALIT)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued to investors on Monday, Benzinga reports. They currently have a $9.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 23.97% from the company’s current price.

Several other research analysts have also recently commented on the company. JPMorgan Chase & Co. cut Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price target on the stock. in a research note on Tuesday, August 20th. Bank of America decreased their price target on shares of Alight from $10.00 to $9.50 and set a “buy” rating for the company in a research report on Tuesday, June 25th. DA Davidson reiterated a “buy” rating and set a $12.00 price objective on shares of Alight in a research note on Thursday, June 20th. KeyCorp cut their target price on shares of Alight from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, July 11th. Finally, Citigroup decreased their price target on Alight from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Alight presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.75.

Alight Stock Up 1.1 %

ALIT stock opened at $7.26 on Monday. Alight has a one year low of $6.15 and a one year high of $10.38. The stock has a market capitalization of $3.97 billion, a P/E ratio of -11.71 and a beta of 0.86. The company has a 50 day moving average price of $7.20 and a two-hundred day moving average price of $7.89. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.37 and a current ratio of 1.37.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.09 EPS for the quarter, topping 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 firm had revenue of $787.00 million during the quarter, compared to analyst estimates of $791.22 million. As a group, sell-side analysts expect that Alight will post 0.42 EPS for the current year.

Insider Activity

In related news, COO Katie J. Rooney sold 47,851 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $7.11, for a total transaction of $340,220.61. Following the completion of the sale, the chief operating officer now directly owns 2,880,753 shares of the company’s stock, valued at $20,482,153.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 5.33% of the company’s stock.

Institutional Investors Weigh In On Alight

Several hedge funds have recently bought and sold shares of the business. Nisa Investment Advisors LLC grew its stake in Alight by 65.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock valued at $55,000 after acquiring an additional 2,961 shares in the last quarter. Motco purchased a new position in Alight during the first quarter valued at approximately $95,000. Ingalls & Snyder LLC increased its stake in Alight by 20.9% in the 2nd quarter. Ingalls & Snyder LLC now owns 12,919 shares of the company’s stock valued at $95,000 after buying an additional 2,235 shares during the period. CIBC Asset Management Inc acquired a new position in Alight in the 2nd quarter valued at approximately $105,000. Finally, Duality Advisers LP purchased a new stake in Alight in the 1st quarter worth approximately $119,000. 96.74% of the stock is owned by hedge funds and other institutional investors.

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.