Engine Capital Management LP Takes $9.59 Million Position in Alight, Inc. (NYSE:ALIT)

Engine Capital Management LP bought a new position in shares of Alight, Inc. (NYSE:ALIT) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,300,000 shares of the company’s stock, valued at approximately $9,594,000. Alight comprises about 1.8% of Engine Capital Management LP’s portfolio, making the stock its 17th biggest holding. Engine Capital Management LP owned about 0.23% of Alight as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Alight by 8.1% in the first quarter. Vanguard Group Inc. now owns 38,041,368 shares of the company’s stock valued at $374,707,000 after acquiring an additional 2,842,454 shares during the last quarter. Dimensional Fund Advisors LP raised its position 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 purchasing an additional 3,342,413 shares during the last quarter. Janus Henderson Group PLC raised its position in 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 purchasing an additional 331,303 shares during the last quarter. Glenview Capital Management LLC boosted its stake in shares of Alight by 11.2% during the fourth quarter. Glenview Capital Management LLC now owns 18,202,012 shares of the company’s stock valued at $155,263,000 after purchasing an additional 1,835,481 shares in the last quarter. Finally, Wolf Hill Capital Management LP grew its holdings in shares of Alight by 28.4% during the first quarter. Wolf Hill Capital Management LP now owns 11,097,311 shares of the company’s stock worth $109,309,000 after purchasing an additional 2,454,870 shares during the last quarter. 96.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Alight news, COO Katie J. Rooney sold 47,851 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $7.11, for a total transaction of $340,220.61. Following the completion of the transaction, the chief operating officer now directly owns 2,880,753 shares of the company’s stock, valued at $20,482,153.83. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.33% of the stock is currently owned by corporate insiders.

Alight Stock Performance

Shares of ALIT opened at $7.34 on Tuesday. The firm has a market capitalization of $4.12 billion, a P/E ratio of -11.83, a P/E/G ratio of 1.77 and a beta of 0.86. Alight, Inc. has a 52 week low of $6.15 and a 52 week high of $10.38. The stock has a 50 day moving average price of $7.19 and a two-hundred day moving average price of $7.95. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.37 and a current ratio of 1.37.

Alight (NYSE:ALIT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $787.00 million during the quarter, compared to analyst estimates of $791.22 million. Alight had a negative net margin of 6.58% and a positive return on equity of 5.42%. Equities analysts forecast that Alight, Inc. will post 0.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ALIT shares. JPMorgan Chase & Co. lowered shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price target on the stock. in a report on Tuesday, August 20th. Wedbush reduced their price target on Alight from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. KeyCorp decreased their price target on Alight from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, July 11th. Needham & Company LLC cut their price objective on Alight from $11.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, DA Davidson reissued a “buy” rating and set a $12.00 target price on shares of Alight in a research report on Thursday, June 20th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.75.

Alight 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.