Alight (NYSE:ALIT) Price Target Raised to $12.00 at Canaccord Genuity Group

Alight (NYSE:ALIT) had its price objective boosted by Canaccord Genuity Group from $11.00 to $12.00 in a report issued on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

ALIT has been the topic of a number of other research reports. Needham & Company LLC upped their price objective on Alight from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday. Wedbush cut their price target on Alight from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Citigroup decreased their price objective on Alight from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. lowered shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 target price on the stock. in a research note on Tuesday, August 20th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Alight currently has a consensus rating of “Moderate Buy” and an average price target of $10.95.

Alight Price Performance

ALIT stock opened at $8.43 on Wednesday. The business’s fifty day moving average price is $7.25 and its 200 day moving average price is $7.42. Alight has a 12-month low of $6.15 and a 12-month high of $10.38. The company has a market capitalization of $4.60 billion, a PE ratio of -17.55 and a beta of 0.87. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.55.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.09. The business had revenue of $555.00 million for the quarter, compared to analysts’ expectations of $538.39 million. Alight had a negative net margin of 7.95% and a positive return on equity of 5.53%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 earnings per share. On average, sell-side analysts anticipate that Alight will post 0.42 EPS for the current year.

Alight Dividend Announcement

The business also recently announced a — dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.04 dividend. The ex-dividend date is Monday, December 2nd.

Institutional Investors Weigh In On Alight

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Alight by 8.1% during the first quarter. Vanguard Group Inc. now owns 38,041,368 shares of the company’s stock worth $374,707,000 after purchasing an additional 2,842,454 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Alight by 18.9% in the second quarter. Dimensional Fund Advisors LP now owns 21,066,092 shares of the company’s stock valued at $155,463,000 after buying an additional 3,342,413 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Alight by 1.8% in the first quarter. Janus Henderson Group PLC now owns 19,060,481 shares of the company’s stock valued at $187,745,000 after acquiring an additional 331,303 shares during the period. Rubric Capital Management LP grew its position in shares of Alight by 38.3% during the third quarter. Rubric Capital Management LP now owns 11,646,679 shares of the company’s stock worth $86,185,000 after acquiring an additional 3,223,617 shares during the last quarter. Finally, Wolf Hill Capital Management LP increased its holdings in shares of Alight by 28.4% in the 1st quarter. Wolf Hill Capital Management LP now owns 11,097,311 shares of the company’s stock valued at $109,309,000 after acquiring an additional 2,454,870 shares during the period. 96.74% of the stock is owned by hedge funds and other institutional investors.

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.