Millennium Management LLC Purchases 1,567,267 Shares of Alight, Inc. (NYSE:ALIT)

Millennium Management LLC lifted its position in shares of Alight, Inc. (NYSE:ALIT) by 890.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,743,320 shares of the company’s stock after purchasing an additional 1,567,267 shares during the period. Millennium Management LLC owned 0.32% of Alight worth $12,064,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Alight in the fourth quarter worth $35,045,000. Cooper Creek Partners Management LLC raised its stake in shares of Alight by 23.1% during the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock worth $122,514,000 after purchasing an additional 3,322,705 shares during the period. American Century Companies Inc. boosted its holdings in shares of Alight by 214.0% in the 4th quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock worth $31,839,000 after buying an additional 3,135,846 shares during the last quarter. J. Goldman & Co LP boosted its holdings in shares of Alight by 105.3% in the 4th quarter. J. Goldman & Co LP now owns 5,774,590 shares of the company’s stock worth $39,960,000 after buying an additional 2,961,443 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC grew its position in Alight by 13.6% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company’s stock valued at $168,130,000 after buying an additional 2,901,108 shares during the period. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on ALIT. Needham & Company LLC reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Alight in a research report on Monday, March 24th. DA Davidson restated a “buy” rating and set a $10.00 price target on shares of Alight in a research note on Wednesday, March 26th. Finally, Wedbush dropped their price objective on Alight from $11.00 to $9.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.94.

Alight Stock Performance

NYSE ALIT opened at $5.39 on Friday. The firm has a market cap of $2.92 billion, a P/E ratio of -17.95 and a beta of 0.99. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $5.43 and its 200-day moving average is $6.47. Alight, Inc. has a 12-month low of $4.49 and a 12-month high of $8.93.

Alight (NYSE:ALIT) last issued its earnings results on Thursday, May 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. The business had revenue of $548.00 million for the quarter, compared to the consensus estimate of $542.66 million. During the same period in the previous year, the firm earned $0.13 EPS. The company’s revenue was down 2.0% compared to the same quarter last year. Sell-side analysts predict that Alight, Inc. will post 0.54 earnings per share for the current year.

Alight Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a dividend of $0.04 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.16 dividend on an annualized basis and a yield of 2.97%. Alight’s dividend payout ratio (DPR) is -114.29%.

Insiders Place Their Bets

In other news, Director David D. Guilmette bought 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The shares were acquired at an average price of $5.69 per share, with a total value of $284,500.00. Following the acquisition, the director now owns 600,750 shares of the company’s stock, valued at approximately $3,418,267.50. The trade was a 9.08% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard N. Massey purchased 100,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $6.39 per share, with a total value of $639,000.00. Following the completion of the acquisition, the director now owns 1,573,489 shares in the company, valued at approximately $10,054,594.71. This trade represents a 6.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 175,092 shares of company stock worth $1,092,255 in the last quarter. 5.33% of the stock is owned by company insiders.

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.