8,423,062 Shares in Alight, Inc. (NYSE:ALIT) Bought by Rubric Capital Management LP

Rubric Capital Management LP purchased a new position in shares of Alight, Inc. (NYSE:ALIT) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,423,062 shares of the company’s stock, valued at approximately $62,162,000. Alight accounts for approximately 1.6% of Rubric Capital Management LP’s investment portfolio, making the stock its 24th largest position. Rubric Capital Management LP owned 1.50% of Alight as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its stake in shares of Alight by 65.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock valued at $55,000 after purchasing an additional 2,961 shares in the last quarter. Motco acquired a new stake in shares of Alight in the 1st quarter valued at about $95,000. Duality Advisers LP acquired a new stake in shares of Alight in the 1st quarter valued at about $119,000. Ingalls & Snyder LLC raised its stake in shares of Alight by 20.9% in the 2nd quarter. Ingalls & Snyder LLC now owns 12,919 shares of the company’s stock valued at $95,000 after purchasing an additional 2,235 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in shares of Alight in the 2nd quarter valued at about $105,000. 96.74% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ALIT has been the topic of several research reports. KeyCorp dropped their price objective 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. JPMorgan Chase & Co. lowered shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price target on the stock. in a research note on Tuesday, August 20th. Bank of America dropped their price target on shares of Alight from $10.00 to $9.50 and set a “buy” rating on the stock in a research note on Tuesday, June 25th. Wedbush decreased their price objective on shares of Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Finally, Needham & Company LLC decreased their price objective on shares of Alight from $11.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.75.

Alight Trading Down 1.9 %

Alight stock opened at $7.33 on Friday. The company has a 50 day moving average price of $7.19 and a 200 day moving average price of $7.98. Alight, Inc. has a 52 week low of $6.15 and a 52 week high of $10.38. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a market capitalization of $4.12 billion, a price-to-earnings ratio of -11.82, a P/E/G ratio of 1.77 and a beta of 0.86.

Alight (NYSE:ALIT) last released its earnings results 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. Alight had a negative net margin of 6.58% and a positive return on equity of 5.42%. The company had revenue of $787.00 million during the quarter, compared to the consensus estimate of $791.22 million. Research analysts forecast that Alight, Inc. will post 0.42 EPS for the current year.

Insider Activity

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

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.