State of New Jersey Common Pension Fund D Sells 58,643 Shares of Alight, Inc. (NYSE:ALIT)

State of New Jersey Common Pension Fund D cut its holdings in shares of Alight, Inc. (NYSE:ALIT) by 19.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 243,755 shares of the company’s stock after selling 58,643 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Alight were worth $1,799,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALIT. Greenlight Capital Inc. purchased a new position in Alight during the fourth quarter worth about $78,831,000. Coronation Fund Managers Ltd. purchased a new position in Alight during the first quarter worth about $55,239,000. Norges Bank purchased a new position in Alight during the fourth quarter worth about $42,947,000. Vanguard Group Inc. boosted its holdings in 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 during the last quarter. Finally, Wolf Hill Capital Management LP boosted its stake in Alight by 28.4% in the first 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 last quarter. 96.74% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

ALIT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut 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. KeyCorp dropped their target price on shares of Alight from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, July 11th. Citigroup dropped their target price on shares of Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. DA Davidson reiterated a “buy” rating and issued a $12.00 target price on shares of Alight in a research note on Thursday, June 20th. Finally, Needham & Company LLC dropped their target price on shares of Alight from $11.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $10.75.

Alight Stock Performance

NYSE ALIT opened at $7.26 on Wednesday. The company’s 50 day moving average is $7.20 and its 200-day moving average is $7.93. Alight, Inc. has a 12-month low of $6.15 and a 12-month high of $10.38. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.55. The firm has a market cap of $4.08 billion, a P/E ratio of -11.71, a price-to-earnings-growth ratio of 1.77 and a beta of 0.86.

Alight (NYSE:ALIT) last posted its earnings results on Tuesday, August 6th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $787.00 million for 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%. Sell-side analysts predict that Alight, Inc. will post 0.42 earnings per share for the current year.

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.