Needham & Company LLC Lowers Alight (NYSE:ALIT) Price Target to $9.00

Alight (NYSE:ALIT) had its price objective trimmed by Needham & Company LLC from $11.00 to $9.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also issued reports on ALIT. Canaccord Genuity Group increased their target price on shares of Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. KeyCorp increased their price objective on shares of Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.61.

Alight Stock Performance

ALIT stock opened at $6.53 on Thursday. The firm has a market cap of $3.55 billion, a PE ratio of -13.60 and a beta of 0.95. 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 stock has a 50-day moving average price of $7.33 and a 200-day moving average price of $7.24. Alight has a 1-year low of $6.15 and a 1-year high of $10.38.

Alight (NYSE:ALIT) last issued its earnings results on Tuesday, November 12th. The company reported $0.09 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.09. The business had revenue of $555.00 million during the quarter, compared to the consensus estimate of $538.39 million. Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 earnings per share. As a group, equities research analysts expect that Alight will post 0.47 earnings per share for the current year.

Alight Dividend Announcement

The firm also recently announced a — dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.04 per share. The ex-dividend date was Monday, December 2nd.

Insider Buying and Selling

In related news, Director William P. Foley II sold 5,000,000 shares of Alight stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total transaction of $41,250,000.00. Following the transaction, the director now owns 883,323 shares of the company’s stock, valued at $7,287,414.75. The trade was a 84.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Gregory R. Goff sold 250,000 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $8.00, for a total value of $2,000,000.00. Following the sale, the president now owns 852,694 shares of the company’s stock, valued at $6,821,552. This trade represents a 22.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,334,929 shares of company stock worth $43,895,460 in the last quarter. Insiders own 5.33% of the company’s stock.

Hedge Funds Weigh In On Alight

Hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio lifted its position in shares of Alight by 65.5% during the third quarter. Public Employees Retirement System of Ohio now owns 5,042 shares of the company’s stock valued at $37,000 after purchasing an additional 1,996 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Alight in the 3rd quarter valued at about $74,000. Nisa Investment Advisors LLC lifted its position in shares of Alight by 54.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 11,547 shares of the company’s stock worth $85,000 after buying an additional 4,049 shares in the last quarter. KBC Group NV boosted its stake in shares of Alight by 24.0% in the 3rd quarter. KBC Group NV now owns 12,049 shares of the company’s stock worth $89,000 after buying an additional 2,331 shares during the last quarter. Finally, FMR LLC grew its holdings in shares of Alight by 44.4% in the third quarter. FMR LLC now owns 11,995 shares of the company’s stock valued at $89,000 after acquiring an additional 3,689 shares in the last quarter. 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.