Alight’s (ALIT) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Alight (NYSE:ALIT) in a research report released on Monday,Benzinga reports. They currently have a $9.00 target price on the stock.

Alight Stock Up 2.9 %

Shares of NYSE ALIT opened at $6.24 on Monday. 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 1 year low of $5.87 and a 1 year high of $10.04. The stock’s 50-day simple moving average is $6.61 and its 200-day simple moving average is $7.03. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of -20.78 and a beta of 0.94.

Alight (NYSE:ALIT) last posted 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). The business had revenue of $680.00 million for the quarter, compared to analysts’ expectations of $675.66 million. Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. As a group, equities analysts anticipate that Alight will post 0.54 earnings per share for the current fiscal year.

Alight Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 2.57%. The ex-dividend date was Monday, March 3rd. Alight’s dividend payout ratio is currently -53.33%.

Insider Transactions at Alight

In other Alight news, Director Robert A. Schriesheim acquired 22,092 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was purchased at an average price of $6.79 per share, with a total value of $150,004.68. Following the completion of the acquisition, the director now directly owns 22,092 shares in the company, valued at $150,004.68. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Richard N. Massey bought 100,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were acquired at an average cost of $6.39 per share, for a total transaction of $639,000.00. Following the completion of the acquisition, the director now directly owns 1,573,489 shares of the company’s stock, valued at $10,054,594.71. This trade represents a 6.79 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 125,092 shares of company stock valued at $807,755. Insiders own 5.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in Alight in the fourth quarter worth about $35,045,000. Starboard Value LP raised its position in shares of Alight by 8.8% during the 4th quarter. Starboard Value LP now owns 47,228,000 shares of the company’s stock worth $326,818,000 after purchasing an additional 3,833,000 shares during the period. Cooper Creek Partners Management LLC lifted its holdings in shares of Alight by 23.1% in the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock worth $122,514,000 after purchasing an additional 3,322,705 shares during the last quarter. Rubric Capital Management LP boosted its position in Alight by 38.3% during the 3rd quarter. Rubric Capital Management LP now owns 11,646,679 shares of the company’s stock valued at $86,185,000 after purchasing an additional 3,223,617 shares during the period. Finally, American Century Companies Inc. grew its stake in Alight by 214.0% during the 4th quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock worth $31,839,000 after buying an additional 3,135,846 shares during the last quarter. 96.74% of the stock is owned by institutional investors and hedge funds.

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.