Alight’s (ALIT) Buy Rating Reaffirmed at Needham & Company LLC

Alight (NYSE:ALIT)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $9.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 31.87% from the stock’s previous close.

ALIT has been the subject of a number of other research reports. Canaccord Genuity Group increased their target price on Alight from $11.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. KeyCorp increased their target price on Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Alight has a consensus rating of “Moderate Buy” and a consensus target price of $10.61.

Alight Price Performance

Shares of NYSE:ALIT opened at $6.83 on Friday. Alight has a one year low of $6.15 and a one year high of $10.38. The stock has a fifty day moving average of $6.80 and a 200-day moving average of $7.14. The company has a market capitalization of $3.71 billion, a PE ratio of -22.75 and a beta of 0.94. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.30 and a current ratio of 1.30.

Alight (NYSE:ALIT) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. The company had revenue of $680.00 million for the quarter, compared to analyst estimates of $675.66 million. As a group, equities analysts anticipate that Alight will post 0.54 EPS for the current fiscal year.

Insider Buying and Selling

In other Alight news, President Gregory R. Goff sold 250,000 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $8.00, for a total transaction of $2,000,000.00. Following the transaction, the president now directly owns 852,694 shares of the company’s stock, valued at $6,821,552. This represents a 22.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alight

Several hedge funds have recently bought and sold shares of the business. Blue Trust Inc. increased its position in Alight by 107.6% during the fourth quarter. Blue Trust Inc. now owns 3,336 shares of the company’s stock worth $25,000 after buying an additional 1,729 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Alight by 65.5% in the third quarter. Public Employees Retirement System of Ohio now owns 5,042 shares of the company’s stock valued at $37,000 after purchasing an additional 1,996 shares during the last quarter. KBC Group NV grew its position in shares of Alight by 24.0% in the third quarter. KBC Group NV now owns 12,049 shares of the company’s stock valued at $89,000 after purchasing an additional 2,331 shares during the last quarter. Cornerstone Investment Partners LLC grew its position in shares of Alight by 3.6% in the fourth quarter. Cornerstone Investment Partners LLC now owns 67,673 shares of the company’s stock valued at $468,000 after purchasing an additional 2,356 shares during the last quarter. Finally, Xponance Inc. grew its position in shares of Alight by 8.8% in the fourth quarter. Xponance Inc. now owns 30,229 shares of the company’s stock valued at $209,000 after purchasing an additional 2,437 shares during the last quarter. 96.74% of the stock is 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.