Alight (NYSE:ALIT) Receives “Buy” Rating from Needham & Company LLC

Alight (NYSE:ALIT)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research note issued on Monday, Benzinga reports. They currently have a $11.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 49.05% from the company’s current price.

Several other brokerages have also weighed in on ALIT. KeyCorp decreased their price objective on Alight from $12.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, May 9th. UBS Group lifted their target price on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Bank of America reduced their target price on Alight from $10.00 to $9.50 and set a “buy” rating for the company in a report on Tuesday, June 25th. Wedbush reduced their target price on Alight from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Finally, DA Davidson reaffirmed a “buy” rating and set a $12.00 target price on shares of Alight in a report on Thursday, June 20th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $11.72.

Alight Stock Performance

NYSE:ALIT opened at $7.38 on Monday. The company has a market capitalization of $4.14 billion, a PE ratio of -11.90, a P/E/G ratio of 1.45 and a beta of 0.87. The company has a 50 day simple moving average of $8.01 and a two-hundred day simple moving average of $8.65. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.57 and a current ratio of 1.57. Alight has a fifty-two week low of $6.33 and a fifty-two week high of $10.38.

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

Insider Activity

In other news, CEO Stephan Scholl sold 83,016 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 8,115,183 shares in the company, valued at $771,753,903.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.33% of the company’s stock.

Institutional Investors Weigh In On Alight

Several institutional investors have recently modified their holdings of the business. First Horizon Advisors Inc. raised its stake in shares of Alight by 38.9% in the fourth quarter. First Horizon Advisors Inc. now owns 6,776 shares of the company’s stock worth $58,000 after buying an additional 1,897 shares during the period. Motco bought a new position in shares of Alight in the first quarter worth about $95,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Alight in the third quarter worth about $109,000. Duality Advisers LP bought a new position in shares of Alight in the first quarter worth about $119,000. Finally, Sherbrooke Park Advisers LLC bought a new position in shares of Alight in the third quarter worth about $134,000. 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.