Needham & Company LLC Reaffirms Buy Rating for Alight (NYSE:ALIT)

Alight (NYSE:ALIT)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $9.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 31.87% from the company’s previous close.

Several other analysts have also recently issued reports on ALIT. KeyCorp upped their price objective on Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group upped their price objective on Alight from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.61.

Alight Trading Down 1.5 %

NYSE:ALIT opened at $6.83 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.30 and a current ratio of 1.30. Alight has a one year low of $6.15 and a one year high of $10.38. The business’s 50-day simple moving average is $6.80 and its 200 day simple moving average is $7.14. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of -22.75 and a beta of 0.94.

Alight (NYSE:ALIT) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. The firm had revenue of $680.00 million for the quarter, compared to analyst estimates of $675.66 million. As a group, sell-side analysts predict that Alight will post 0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Gregory R. Goff sold 250,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $8.00, for a total value of $2,000,000.00. Following the completion of the transaction, the president now directly owns 852,694 shares of the company’s stock, valued at $6,821,552. This represents a 22.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 5.33% of the company’s stock.

Hedge Funds Weigh In On Alight

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALIT. Creative Planning boosted its stake in Alight by 50.8% during the 3rd quarter. Creative Planning now owns 112,805 shares of the company’s stock valued at $835,000 after purchasing an additional 38,024 shares in the last quarter. Brighton Jones LLC bought a new position in Alight during the 3rd quarter valued at $1,861,000. Nisa Investment Advisors LLC boosted its stake in Alight by 54.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 11,547 shares of the company’s stock valued at $85,000 after purchasing an additional 4,049 shares in the last quarter. US Bancorp DE boosted its stake in Alight by 3,543.6% during the 3rd quarter. US Bancorp DE now owns 20,404 shares of the company’s stock valued at $151,000 after purchasing an additional 19,844 shares in the last quarter. Finally, Kinney Asset Management LLC boosted its stake in Alight by 2.5% during the 3rd quarter. Kinney Asset Management LLC now owns 6,247,546 shares of the company’s stock valued at $46,232,000 after purchasing an additional 150,000 shares in the last quarter. 96.74% of the stock is owned by 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.