Alight, Inc. to Post Q1 2024 Earnings of $0.08 Per Share, Wedbush Forecasts (NYSE:ALIT)

Alight, Inc. (NYSE:ALIT) – Stock analysts at Wedbush dropped their Q1 2024 earnings per share (EPS) estimates for Alight in a research note issued on Thursday, April 25th. Wedbush analyst D. Ives now anticipates that the company will earn $0.08 per share for the quarter, down from their previous forecast of $0.10. Wedbush has a “Outperform” rating and a $14.00 price target on the stock. The consensus estimate for Alight’s current full-year earnings is $0.50 per share. Wedbush also issued estimates for Alight’s 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.

Alight (NYSE:ALIT) last announced its quarterly earnings data on Wednesday, February 21st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. The company had revenue of $960.00 million for the quarter, compared to analysts’ expectations of $1.03 billion. Alight had a positive return on equity of 5.09% and a negative net margin of 7.80%.

A number of other analysts have also weighed in on the company. Citigroup restated a “buy” rating and set a $12.00 target price on shares of Alight in a report on Friday, January 5th. Canaccord Genuity Group upped their target price on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Needham & Company LLC upped their target price on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Finally, UBS Group upped their target price on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $12.71.

Alight Price Performance

Alight stock opened at $9.11 on Friday. The business has a fifty day moving average of $9.28 and a two-hundred day moving average of $8.45. 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 firm has a market cap of $5.13 billion, a P/E ratio of -16.56, a P/E/G ratio of 1.77 and a beta of 0.92. Alight has a twelve month low of $6.33 and a twelve month high of $10.38.

Insider Activity

In other news, insider Katie J. Rooney sold 2,777 shares of the stock in a transaction 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 completion of the sale, the insider now owns 2,927,314 shares in the company, valued at approximately $28,394,945.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Katie J. Rooney sold 2,777 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $9.70, for a total value of $26,936.90. Following the transaction, the insider now directly owns 2,927,314 shares of the company’s stock, valued at approximately $28,394,945.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Katie J. Rooney sold 7,100 shares of the company’s stock in a transaction on 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 in the company, valued at $26,994,906. The disclosure for this sale can be found here. In the last quarter, insiders sold 550,129 shares of company stock worth $12,449,117. Insiders own 3.96% of the company’s stock.

Hedge Funds Weigh In On Alight

Hedge funds have recently made changes to their positions in the company. First Horizon Advisors Inc. grew its position in Alight by 38.9% during the 4th quarter. First Horizon Advisors Inc. now owns 6,776 shares of the company’s stock worth $58,000 after purchasing an additional 1,897 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in Alight during the 3rd quarter worth about $52,000. Allspring Global Investments Holdings LLC grew its position in Alight by 86.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 12,182 shares of the company’s stock worth $86,000 after purchasing an additional 5,661 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Alight during the 3rd quarter worth about $109,000. Finally, Saxon Interests Inc. acquired a new stake in Alight during the 4th quarter worth about $145,000. 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.