Needham & Company LLC Reaffirms “Buy” Rating for Alight (NYSE:ALIT)

Alight (NYSE:ALIT)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $9.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 45.40% from the stock’s current price.

Alight Stock Performance

Alight stock opened at $6.19 on Monday. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. Alight has a twelve month low of $5.87 and a twelve month high of $10.04. The company’s 50-day moving average price is $6.60 and its 200-day moving average price is $7.03. The company has a market cap of $3.36 billion, a PE ratio of -20.63 and a beta of 0.94.

Alight (NYSE:ALIT) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.04). The company had revenue of $680.00 million for the quarter, compared to the consensus estimate of $675.66 million. Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. On average, equities research analysts forecast that Alight will post 0.54 EPS for the current fiscal year.

Insider Activity

In other news, Director Robert A. Schriesheim acquired 22,092 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $6.79 per share, with a total value of $150,004.68. Following the completion of the purchase, the director now directly owns 22,092 shares in the company, valued at approximately $150,004.68. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Massey bought 100,000 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $6.39 per share, for a total transaction of $639,000.00. Following the purchase, the director now owns 1,573,489 shares of the company’s stock, valued at approximately $10,054,594.71. The trade was a 6.79 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 125,092 shares of company stock valued at $807,755. 5.33% of the stock is currently owned by company insiders.

Institutional Trading of Alight

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Alight in the fourth quarter worth about $35,045,000. Starboard Value LP boosted its position in Alight by 8.8% in the 4th quarter. Starboard Value LP now owns 47,228,000 shares of the company’s stock valued at $326,818,000 after buying an additional 3,833,000 shares during the period. Cooper Creek Partners Management LLC grew its stake in Alight by 23.1% in the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock worth $122,514,000 after acquiring an additional 3,322,705 shares in the last quarter. Rubric Capital Management LP increased its position in shares of Alight by 38.3% during the third quarter. Rubric Capital Management LP now owns 11,646,679 shares of the company’s stock worth $86,185,000 after acquiring an additional 3,223,617 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Alight by 214.0% during the fourth quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock valued at $31,839,000 after acquiring an additional 3,135,846 shares in the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

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.