Alight (NYSE:ALIT) Price Target Cut to $11.00

Alight (NYSE:ALIT) had its price objective lowered by equities researchers at Needham & Company LLC from $13.00 to $11.00 in a report issued on Thursday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 41.30% from the company’s current price.

A number of other research analysts have also commented on the company. UBS Group increased their price objective on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Wedbush reiterated an “outperform” rating and set a $14.00 price target on shares of Alight in a report on Thursday, April 25th. Finally, Canaccord Genuity Group boosted their price objective on shares of Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $12.43.

Alight Stock Down 16.2 %

ALIT stock opened at $7.79 on Thursday. Alight has a 12-month low of $6.33 and a 12-month high of $10.38. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.58. The company has a market cap of $4.38 billion, a price-to-earnings ratio of -14.15, a PEG ratio of 1.81 and a beta of 0.94. The company has a 50 day moving average of $9.24 and a two-hundred day moving average of $8.57.

Alight (NYSE:ALIT) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. Alight had a negative net margin of 7.80% and a positive return on equity of 5.09%. The business had revenue of $960.00 million for the quarter, compared to the consensus estimate of $1.03 billion. On average, equities analysts anticipate that Alight will post 0.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alight news, insider Katie J. Rooney sold 2,777 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $9.70, for a total value of $26,936.90. Following the sale, the insider now owns 2,927,314 shares of the company’s stock, valued at approximately $28,394,945.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Alight news, insider Katie J. Rooney sold 2,777 shares of Alight stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $9.70, for a total transaction of $26,936.90. Following the sale, the insider now directly owns 2,927,314 shares of the company’s stock, valued at $28,394,945.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value 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 disclosure for this sale can be found here. In the last quarter, insiders sold 543,029 shares of company stock worth $12,385,217. 3.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alight

Hedge funds have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Alight in the third quarter valued at approximately $1,148,000. Natixis Advisors L.P. boosted its stake in Alight by 81.0% in the third quarter. Natixis Advisors L.P. now owns 323,062 shares of the company’s stock worth $2,290,000 after purchasing an additional 144,573 shares in the last quarter. Walleye Capital LLC grew its holdings in shares of Alight by 229.8% during the third quarter. Walleye Capital LLC now owns 281,509 shares of the company’s stock worth $1,996,000 after purchasing an additional 196,160 shares during the last quarter. Tudor Investment Corp Et Al increased its stake in shares of Alight by 387.1% in the third quarter. Tudor Investment Corp Et Al now owns 385,382 shares of the company’s stock valued at $2,732,000 after buying an additional 306,257 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Alight in the third quarter valued at about $52,000. Institutional investors and hedge funds 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.