AQR Capital Management LLC Boosts Holdings in Alight, Inc. (NYSE:ALIT)

AQR Capital Management LLC lifted its stake in Alight, Inc. (NYSE:ALIT) by 293.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 99,010 shares of the company’s stock after purchasing an additional 73,855 shares during the period. AQR Capital Management LLC’s holdings in Alight were worth $731,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rubric Capital Management LP bought a new position in shares of Alight in the 2nd quarter worth about $62,162,000. Coronation Fund Managers Ltd. bought a new position in shares of Alight in the 1st quarter worth about $55,239,000. Dimensional Fund Advisors LP increased its stake in shares of Alight by 18.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 21,066,092 shares of the company’s stock worth $155,463,000 after acquiring an additional 3,342,413 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Alight by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 38,041,368 shares of the company’s stock worth $374,707,000 after acquiring an additional 2,842,454 shares in the last quarter. Finally, Wolf Hill Capital Management LP increased its stake 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 worth $109,309,000 after acquiring an additional 2,454,870 shares in the last quarter. 96.74% of the stock is owned by hedge funds and other institutional investors.

Alight Stock Performance

ALIT opened at $7.16 on Monday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.55. The company has a market cap of $3.91 billion, a price-to-earnings ratio of -16.27 and a beta of 0.86. The company’s 50 day moving average is $7.15 and its 200 day moving average is $7.74. Alight, Inc. has a 12-month low of $6.15 and a 12-month high of $10.38.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on ALIT. Wedbush reduced their price objective on shares of Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. DA Davidson restated a “buy” rating and set a $12.00 price objective on shares of Alight in a research note on Thursday, June 20th. Citigroup reduced their price objective on shares of Alight from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. JPMorgan Chase & Co. lowered shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price objective for the company. in a research note on Tuesday, August 20th. Finally, KeyCorp reduced their price objective on shares of Alight from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, July 11th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Alight has a consensus rating of “Moderate Buy” and an average target price 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.