Alight (NYSE:ALIT) Rating Reiterated by Wedbush

Alight (NYSE:ALIT)‘s stock had its “outperform” rating restated by equities researchers at Wedbush in a research report issued on Thursday, Benzinga reports. They currently have a $14.00 price target on the stock. Wedbush’s price objective points to a potential upside of 53.76% from the company’s current price. 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.

ALIT has been the subject of a number of other reports. UBS Group increased their price objective 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 upped their target price on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Citigroup restated a “buy” rating and set a $12.00 target price on shares of Alight in a research report on Friday, January 5th. Finally, Canaccord Genuity Group lifted their price target on shares of Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $12.71.

Alight Price Performance

Shares of ALIT opened at $9.11 on Thursday. Alight has a twelve month low of $6.33 and a twelve month high of $10.38. 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 firm’s fifty day simple moving average is $9.28 and its 200-day simple moving average is $8.44.

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

Insider Transactions at Alight

In related news, insider Katie J. Rooney sold 7,100 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $9.00, for a total value of $63,900.00. Following the completion of the sale, the insider now directly owns 2,999,434 shares of the company’s stock, valued at $26,994,906. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Katie J. Rooney sold 7,100 shares of Alight stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $9.00, for a total value of $63,900.00. Following the completion of the transaction, the insider now directly owns 2,999,434 shares of the company’s stock, valued at approximately $26,994,906. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Stephan Scholl sold 428,574 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $9.81, for a total value of $4,204,310.94. Following the transaction, the chief executive officer now owns 8,198,199 shares of the company’s stock, valued at approximately $80,424,332.19. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 550,129 shares of company stock valued at $12,449,117. 3.96% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in shares of Alight during the third quarter valued at $258,000. Bank of New York Mellon Corp grew its holdings in Alight by 5.9% during the third quarter. Bank of New York Mellon Corp now owns 1,760,507 shares of the company’s stock valued at $12,482,000 after purchasing an additional 97,751 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Alight by 41.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,185 shares of the company’s stock valued at $391,000 after buying an additional 16,294 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Alight by 6.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 177,348 shares of the company’s stock worth $1,257,000 after purchasing an additional 10,829 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in Alight by 86.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 12,182 shares of the company’s stock worth $86,000 after buying an additional 5,661 shares during the period. 96.74% of the stock is owned by institutional investors and hedge funds.

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.