Blackstone Inc. reduced its stake in Alight, Inc. (NYSE:ALIT - Free Report) by 31.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 16,398,590 shares of the company's stock after selling 7,510,466 shares during the quarter. Alight makes up approximately 0.6% of Blackstone Inc.'s investment portfolio, making the stock its 25th biggest position. Blackstone Inc. owned approximately 2.97% of Alight worth $139,880,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently bought and sold shares of ALIT. DekaBank Deutsche Girozentrale bought a new position in shares of Alight in the third quarter worth about $52,000. First Horizon Advisors Inc. lifted its holdings in Alight by 38.9% during the fourth quarter. First Horizon Advisors Inc. now owns 6,776 shares of the company's stock valued at $58,000 after purchasing an additional 1,897 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Alight during the third quarter valued at approximately $109,000. Sherbrooke Park Advisers LLC bought a new position in shares of Alight in the third quarter worth approximately $134,000. Finally, Saxon Interests Inc. purchased a new stake in shares of Alight in the fourth quarter worth $145,000. 96.74% of the stock is currently owned by hedge funds and other institutional investors.
Alight Stock Down 0.1 %
Shares of ALIT opened at $7.42 on Thursday. The business's 50 day simple moving average is $8.46 and its 200-day simple moving average is $8.69. Alight, Inc. has a 1 year low of $6.33 and a 1 year high of $10.38. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of -11.97, a price-to-earnings-growth ratio of 1.28 and a beta of 0.88.
Alight (NYSE:ALIT - Get Free Report) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.07. Alight had a negative net margin of 9.19% and a positive return on equity of 5.14%. The company had revenue of $816.00 million for the quarter, compared to the consensus estimate of $832.41 million. As a group, equities analysts expect that Alight, Inc. will post 0.5 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on the stock. Canaccord Genuity Group upped their target price on shares of Alight from $12.00 to $13.00 and gave the stock a "buy" rating in a report on Thursday, March 21st. Needham & Company LLC cut their target price on Alight from $13.00 to $11.00 and set a "buy" rating for the company in a research report on Thursday, May 9th. UBS Group lifted their target price on Alight from $12.00 to $13.00 and gave the company a "buy" rating in a research note on Thursday, March 21st. Wedbush dropped their price target on Alight from $14.00 to $12.00 and set an "outperform" rating for the company in a research note on Friday, May 10th. Finally, KeyCorp reduced their price objective on shares of Alight from $12.00 to $11.00 and set an "overweight" rating on the stock in a research report on Thursday, May 9th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $12.00.
Read Our Latest Stock Analysis on ALIT
Insider Buying and Selling
In other Alight news, CEO Stephan Scholl sold 83,016 shares of the company's stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the sale, the chief executive officer now directly owns 8,115,183 shares in the company, valued at $771,753,903.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Katie J. Rooney sold 2,777 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $9.70, for a total value of $26,936.90. Following the sale, the insider now owns 2,927,314 shares of the company's stock, valued at $28,394,945.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Stephan Scholl sold 83,016 shares of Alight stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the transaction, the chief executive officer now directly owns 8,115,183 shares of the company's stock, valued at $771,753,903.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 516,865 shares of company stock worth $12,151,049. Corporate insiders own 5.33% of the company's stock.
About Alight
(Free Report)
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.
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