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

Wedbush reissued their outperform rating on shares of Alight (NYSE:ALIT) in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a $14.00 price target on the stock. Wedbush also issued estimates for Alight’s Q1 2024 earnings at $0.08 EPS, Q3 2024 earnings at $0.14 EPS, Q1 2025 earnings at $0.13 EPS, Q3 2025 earnings at $0.14 EPS and FY2025 earnings at $0.59 EPS.

A number of other analysts have also recently commented on ALIT. Citigroup restated a buy rating and issued a $12.00 price target on shares of Alight in a research report on Friday, January 5th. UBS Group upped their price target on Alight from $12.00 to $13.00 and gave the stock a buy rating in a research report on Thursday, March 21st. Needham & Company LLC increased their target price on Alight from $12.00 to $13.00 and gave the stock a buy rating in a research report on Thursday, March 21st. Finally, Canaccord Genuity Group increased their target price on Alight from $12.00 to $13.00 and gave the stock a buy rating in a research report on Thursday, March 21st. Seven analysts have rated the stock with a buy rating, According to MarketBeat, Alight currently has a consensus rating of Buy and an average price target of $12.71.

Alight Price Performance

ALIT stock opened at $9.11 on Thursday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.27 and a current ratio of 1.27. The business’s 50-day moving average is $9.28 and its two-hundred day moving average is $8.45. The company has a market cap of $5.13 billion, a price-to-earnings ratio of -16.56, a P/E/G ratio of 1.77 and a beta of 0.92. Alight has a fifty-two week low of $6.33 and a fifty-two week high of $10.38.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Wednesday, February 21st. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The business had revenue of $960.00 million during the quarter, compared to analysts’ expectations of $1.03 billion. Alight had a positive return on equity of 5.09% and a negative net margin of 7.80%. As a group, analysts forecast that Alight will post 0.5 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Stephan Scholl sold 83,016 shares of the 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 completion of 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 sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Katie J. Rooney sold 26,164 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $8.95, for a total transaction of $234,167.80. Following the completion of the transaction, the insider now directly owns 2,963,694 shares of the company’s stock, valued at $26,525,061.30. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Stephan Scholl sold 83,016 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $95.10, for a total value 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 90 days, insiders sold 550,129 shares of company stock worth $12,449,117. 3.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alight

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caas Capital Management LP bought a new position in Alight during the first quarter valued at approximately $8,086,000. Kirr Marbach & Co. LLC IN lifted its stake in shares of Alight by 2.1% in the 1st quarter. Kirr Marbach & Co. LLC IN now owns 690,453 shares of the company’s stock valued at $6,801,000 after purchasing an additional 13,882 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Alight by 31.0% in the 1st quarter. Raymond James & Associates now owns 593,955 shares of the company’s stock valued at $5,850,000 after purchasing an additional 140,681 shares during the last quarter. Saxon Interests Inc. lifted its stake in shares of Alight by 15.4% in the 1st quarter. Saxon Interests Inc. now owns 19,668 shares of the company’s stock valued at $194,000 after purchasing an additional 2,632 shares during the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Alight in the 1st quarter valued at approximately $354,000. 96.74% of the stock is owned by institutional investors.

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.