Needham & Company LLC Lowers Alight (NYSE:ALIT) Price Target to $9.00

Alight (NYSE:ALIT) had its price target decreased by investment analysts at Needham & Company LLC from $11.00 to $9.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 37.83% from the stock’s current price.

A number of other brokerages also recently commented on ALIT. Canaccord Genuity Group boosted their target price on shares of Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. KeyCorp boosted their price objective on shares of Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $10.61.

Alight Price Performance

Shares of ALIT opened at $6.53 on Thursday. The stock has a market capitalization of $3.55 billion, a PE ratio of -13.60 and a beta of 0.95. The company has a 50 day moving average price of $7.33 and a 200-day moving average price of $7.24. 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 fifty-two week low of $6.15 and a fifty-two week high of $10.38.

Alight (NYSE:ALIT) last announced its earnings results on Tuesday, November 12th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. The business had revenue of $555.00 million for the quarter, compared to analysts’ expectations of $538.39 million. Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the firm earned $0.07 EPS. Equities analysts predict that Alight will post 0.47 earnings per share for the current fiscal year.

Insider Transactions at Alight

In other Alight news, Director William P. Foley II sold 5,000,000 shares of Alight stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $8.25, for a total transaction of $41,250,000.00. Following the completion of the sale, the director now directly owns 883,323 shares in the company, valued at approximately $7,287,414.75. The trade was a 84.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Gregory A. George sold 84,929 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $7.60, for a total transaction of $645,460.40. Following the completion of the sale, the insider now directly owns 223,327 shares in the company, valued at $1,697,285.20. This trade represents a 27.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,334,929 shares of company stock worth $43,895,460. Company insiders own 5.33% of the company’s stock.

Hedge Funds Weigh In On Alight

A number of institutional investors have recently modified their holdings of ALIT. JPMorgan Chase & Co. increased its holdings in shares of Alight by 202.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company’s stock valued at $13,794,000 after purchasing an additional 1,248,465 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Alight by 9.9% in the third quarter. B. Riley Wealth Advisors Inc. now owns 119,700 shares of the company’s stock valued at $868,000 after buying an additional 10,800 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Alight by 0.8% in the third quarter. Geode Capital Management LLC now owns 10,068,446 shares of the company’s stock worth $74,521,000 after acquiring an additional 77,948 shares during the period. Barclays PLC boosted its stake in shares of Alight by 148.2% during the 3rd quarter. Barclays PLC now owns 815,841 shares of the company’s stock worth $6,037,000 after acquiring an additional 487,185 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in shares of Alight by 65.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 5,042 shares of the company’s stock valued at $37,000 after acquiring an additional 1,996 shares during the period. Hedge funds and other institutional investors 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.