Alight (NYSE:ALIT) Receives Outperform Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Alight (NYSE:ALIT) in a research report released on Tuesday,Benzinga reports. Wedbush currently has a $11.00 target price on the stock.

Separately, Needham & Company LLC reiterated a “buy” rating and set a $9.00 price target on shares of Alight in a research note on Monday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $10.44.

Alight Stock Performance

Alight stock opened at $6.19 on Tuesday. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -20.63 and a beta of 0.94. Alight has a 1-year low of $5.87 and a 1-year high of $10.04. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.30 and a quick ratio of 1.30. The firm has a 50 day simple moving average of $6.60 and a 200-day simple moving average of $7.03.

Alight (NYSE:ALIT) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $680.00 million for the quarter, compared to analyst estimates of $675.66 million. On average, analysts expect that Alight will post 0.54 EPS for the current year.

Alight Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a dividend of $0.04 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.58%. Alight’s payout ratio is -53.33%.

Insider Buying and Selling

In other Alight news, Director Robert A. Schriesheim acquired 22,092 shares of the stock in a transaction dated Monday, March 3rd. The stock was acquired at an average cost of $6.79 per share, with a total value of $150,004.68. Following the transaction, the director now owns 22,092 shares in the company, valued at $150,004.68. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Massey bought 100,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 1,573,489 shares in the company, valued at approximately $10,054,594.71. This represents a 6.79 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 125,092 shares of company stock worth $807,755 over the last 90 days. 5.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ALIT. Norges Bank purchased a new stake in Alight in the fourth quarter valued at $35,045,000. Starboard Value LP increased its position in shares of Alight by 8.8% during the fourth 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 in the last quarter. 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 valued at $122,514,000 after purchasing an additional 3,322,705 shares during the last quarter. Rubric Capital Management LP lifted its holdings in shares of Alight by 38.3% in 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 last quarter. Finally, American Century Companies Inc. boosted its position in shares of Alight by 214.0% in the 4th quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock valued at $31,839,000 after purchasing an additional 3,135,846 shares during the period. Institutional investors and hedge funds own 96.74% of the company’s stock.

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.