Alight (NYSE:ALIT) Receives “Buy” Rating from Needham & Company LLC

Alight (NYSE:ALIT)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Monday, Benzinga reports. They currently have a $9.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 24.83% from the company’s previous close.

Several other research firms have also recently commented on ALIT. DA Davidson restated a “buy” rating and set a $12.00 price target on shares of Alight in a report on Thursday, June 20th. Bank of America decreased their price target on shares of Alight from $10.00 to $9.50 and set a “buy” rating for the company in a report on Tuesday, June 25th. KeyCorp reduced their target price on shares of Alight from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, July 11th. JPMorgan Chase & Co. cut shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 target price for the company. in a research note on Tuesday, August 20th. Finally, Wedbush reduced their target price on shares of Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Alight presently has an average rating of “Moderate Buy” and a consensus target price of $10.75.

Alight Stock Performance

Alight stock opened at $7.21 on Monday. The firm’s 50 day simple moving average is $7.19 and its 200-day simple moving average is $7.87. The company has a market cap of $3.94 billion, a P/E ratio of -11.63 and a beta of 0.86. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.37 and a quick ratio of 1.37. Alight has a fifty-two week low of $6.15 and a fifty-two week high of $10.38.

Alight (NYSE:ALIT) last released its earnings results on Tuesday, August 6th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $787.00 million for the quarter, compared to the consensus estimate of $791.22 million. Alight had a negative net margin of 6.58% and a positive return on equity of 5.42%. As a group, equities research analysts predict that Alight will post 0.42 EPS for the current year.

Insider Activity

In other news, COO Katie J. Rooney sold 47,851 shares of Alight stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $7.11, for a total value of $340,220.61. Following the transaction, the chief operating officer now owns 2,880,753 shares of the company’s stock, valued at $20,482,153.83. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 5.33% of the company’s stock.

Hedge Funds Weigh In On Alight

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Alight by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 35,198,914 shares of the company’s stock valued at $300,247,000 after purchasing an additional 547,614 shares during the last quarter. Bullseye Asset Management LLC raised its stake in shares of Alight by 34.1% in the 4th quarter. Bullseye Asset Management LLC now owns 531,425 shares of the company’s stock valued at $4,533,000 after buying an additional 135,000 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Alight by 20.5% in the 1st quarter. Russell Investments Group Ltd. now owns 1,133,077 shares of the company’s stock valued at $11,161,000 after buying an additional 192,405 shares in the last quarter. Wedge Capital Management L L P NC raised its stake in shares of Alight by 15.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 584,574 shares of the company’s stock valued at $4,314,000 after buying an additional 76,485 shares in the last quarter. Finally, HBK Investments L P raised its stake in shares of Alight by 33.3% in the 4th quarter. HBK Investments L P now owns 800,000 shares of the company’s stock valued at $6,824,000 after buying an additional 200,000 shares in the last quarter. 96.74% of the stock is currently owned by institutional investors and hedge funds.

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.