Alight (NYSE:ALIT - Get Free Report) had its target price cut by equities researchers at Needham & Company LLC from $11.00 to $9.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price indicates a potential upside of 32.65% from the stock's current price.
Several other research analysts also recently commented on the company. Wedbush decreased their price objective on Alight from $14.00 to $12.00 and set an "outperform" rating on the stock in a research note on Friday, May 10th. KeyCorp dropped their price target on shares of Alight from $11.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, July 11th. DA Davidson restated a "buy" rating and set a $12.00 price objective on shares of Alight in a research report on Thursday, June 20th. Finally, Bank of America lowered their target price on shares of Alight from $10.00 to $9.50 and set a "buy" rating on the stock in a research note on Tuesday, June 25th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $11.39.
Read Our Latest Report on Alight
Alight Stock Performance
ALIT traded up $0.27 during trading on Wednesday, hitting $6.79. The company's stock had a trading volume of 7,415,169 shares, compared to its average volume of 6,262,521. The business's 50 day simple moving average is $7.30 and its 200-day simple moving average is $8.41. The firm has a market cap of $3.81 billion, a PE ratio of -10.94, a P/E/G ratio of 1.40 and a beta of 0.87. Alight has a one year low of $6.15 and a one year high of $10.38. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.61.
Alight (NYSE:ALIT - Get Free Report) last announced its earnings results on Wednesday, May 8th. The company reported $0.07 EPS for the quarter, hitting analysts' consensus estimates of $0.07. The company had revenue of $816.00 million for the quarter, compared to analysts' expectations of $832.41 million. Alight had a positive return on equity of 5.14% and a negative net margin of 9.19%. As a group, sell-side analysts predict that Alight will post 0.52 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, COO Katie J. Rooney sold 47,851 shares of the firm's stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $7.11, for a total transaction of $340,220.61. Following the completion of the transaction, the chief operating officer now owns 2,880,753 shares in the company, valued at $20,482,153.83. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 5.33% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC raised its stake in Alight by 65.3% during the second quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company's stock valued at $55,000 after purchasing an additional 2,961 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of Alight by 38.9% in the fourth quarter. First Horizon Advisors Inc. now owns 6,776 shares of the company's stock valued at $58,000 after acquiring an additional 1,897 shares during the period. Motco purchased a new stake in shares of Alight in the first quarter valued at $95,000. Ingalls & Snyder LLC lifted its holdings in shares of Alight by 20.9% in the 2nd quarter. Ingalls & Snyder LLC now owns 12,919 shares of the company's stock worth $95,000 after acquiring an additional 2,235 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new position in shares of Alight during the 2nd quarter worth about $105,000. 96.74% of the stock is currently owned by institutional investors.
About Alight
(Get 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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