Alight (NYSE:ALIT) Earns “Outperform” Rating from Wedbush

Alight (NYSE:ALIT)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a note issued to investors on Tuesday,Benzinga reports. They currently have a $11.00 price target on the stock. Wedbush’s price objective would indicate a potential upside of 77.71% from the company’s current price.

Separately, Needham & Company LLC reiterated a “buy” rating and issued a $9.00 target price on shares of Alight in a research report on Monday. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.19.

Alight Stock Performance

Shares of ALIT stock opened at $6.19 on Tuesday. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of -20.63 and a beta of 0.94. 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 firm has a 50-day moving average price of $6.59 and a 200 day moving average price of $7.02. Alight has a twelve month low of $5.87 and a twelve month high of $10.04.

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

Insider Transactions at Alight

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ALIT. Walleye Capital LLC bought a new stake in shares of Alight in the third quarter worth about $5,063,000. JPMorgan Chase & Co. grew its position in shares of Alight by 202.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company’s stock valued at $13,794,000 after purchasing an additional 1,248,465 shares during the period. Wexford Capital LP increased its stake in Alight by 320.2% during the 3rd quarter. Wexford Capital LP now owns 110,000 shares of the company’s stock worth $814,000 after purchasing an additional 83,822 shares in the last quarter. Maverick Capital Ltd. acquired a new stake in Alight during the 3rd quarter worth approximately $1,834,000. Finally, Weiss Asset Management LP bought a new position in Alight in the third quarter valued at approximately $1,512,000. Institutional investors and hedge funds own 96.74% of the company’s stock.

Alight Company Profile

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.