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 research report issued to clients and investors on Monday, Benzinga reports. They currently have a $11.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 55.26% from the stock’s previous close.

ALIT has been the subject of several other research reports. Bank of America lowered their price target on Alight from $10.00 to $9.50 and set a “buy” rating for the company in a research report on Tuesday, June 25th. Canaccord Genuity Group upped their price target on shares of Alight from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. UBS Group upped their price target on shares of Alight from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Wedbush reduced their price target on shares of Alight from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Finally, DA Davidson reiterated a “buy” rating and set a $12.00 price objective on shares of Alight in a research note on Thursday, June 20th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $11.72.

Alight Stock Performance

NYSE:ALIT opened at $7.09 on Monday. The stock has a market cap of $3.98 billion, a P/E ratio of -11.43, a price-to-earnings-growth ratio of 1.45 and a beta of 0.87. The firm’s fifty day simple moving average is $7.92 and its 200 day simple moving average is $8.63. Alight has a twelve month low of $6.33 and a twelve month high of $10.38. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.61.

Alight (NYSE:ALIT) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. The firm had revenue of $816.00 million during the quarter, compared to analyst estimates of $832.41 million. Alight had a positive return on equity of 5.14% and a negative net margin of 9.19%. As a group, research analysts predict that Alight will post 0.52 EPS for the current year.

Insider Activity

In related news, CEO Stephan Scholl sold 83,016 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the sale, the chief executive officer now owns 8,115,183 shares in the company, valued at approximately $771,753,903.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.33% of the company’s stock.

Institutional Trading of Alight

A number of hedge funds and other institutional investors have recently bought and sold shares of ALIT. Northern Trust Corp boosted its position in Alight by 2.7% during the third quarter. Northern Trust Corp now owns 3,660,868 shares of the company’s stock valued at $25,956,000 after purchasing an additional 96,321 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Alight in the third quarter worth about $109,000. Natixis Advisors L.P. boosted its holdings in Alight by 81.0% in the third quarter. Natixis Advisors L.P. now owns 323,062 shares of the company’s stock worth $2,290,000 after acquiring an additional 144,573 shares in the last quarter. Qube Research & Technologies Ltd boosted its holdings in Alight by 22.4% in the third quarter. Qube Research & Technologies Ltd now owns 525,991 shares of the company’s stock worth $3,729,000 after acquiring an additional 96,107 shares in the last quarter. Finally, Teza Capital Management LLC acquired a new stake in Alight in the third quarter worth about $315,000. Hedge funds and other institutional investors own 96.74% of the company’s stock.

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.