Alight (NYSE:ALIT) Given “Buy” Rating at DA Davidson

DA Davidson reaffirmed their buy rating on shares of Alight (NYSE:ALIT) in a research report report published on Wednesday morning,Benzinga reports. They currently have a $10.00 target price on the stock.

Other research analysts have also recently issued research reports about the stock. Wedbush restated an “outperform” rating and set a $11.00 price objective on shares of Alight in a report on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $9.00 price target on shares of Alight in a report on Monday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.19.

Alight Price Performance

NYSE:ALIT opened at $6.19 on Wednesday. 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 12-month low of $5.87 and a 12-month high of $10.04. The stock’s fifty day simple moving average is $6.59 and its 200-day simple moving average is $7.02. The firm has a market capitalization of $3.36 billion, a P/E ratio of -20.63 and a beta of 0.94.

Alight (NYSE:ALIT) last issued its earnings results on Thursday, February 20th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. Equities research analysts expect that Alight will post 0.54 earnings per share for the current year.

Alight Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 2.58%. The ex-dividend date was Monday, March 3rd. Alight’s dividend payout ratio is -53.33%.

Insider Buying and Selling

In other Alight news, Director Richard N. Massey bought 100,000 shares of Alight stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $6.39 per share, for a total transaction of $639,000.00. Following the completion of the acquisition, the director now owns 1,573,489 shares of the company’s stock, valued at $10,054,594.71. This trade represents a 6.79 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert A. Schriesheim acquired 22,092 shares of Alight 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 completion of the purchase, the director now owns 22,092 shares in the company, valued at approximately $150,004.68. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 125,092 shares of company stock worth $807,755 over the last ninety days. Company insiders own 5.33% of the company’s stock.

Institutional Trading of Alight

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Walleye Capital LLC acquired a new stake in Alight in the 3rd quarter valued at about $5,063,000. JPMorgan Chase & Co. lifted its position in shares of Alight by 202.8% in the third quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company’s stock valued at $13,794,000 after buying an additional 1,248,465 shares during the last quarter. Wexford Capital LP boosted its stake in shares of 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 acquiring an additional 83,822 shares during the period. Maverick Capital Ltd. bought a new position in shares of Alight during the 3rd quarter worth approximately $1,834,000. Finally, Weiss Asset Management LP acquired a new position in shares of Alight during the 3rd quarter worth approximately $1,512,000. 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.