Alight (NYSE:ALIT) Shares Gap Down to $9.29

Alight, Inc. (NYSE:ALIT) gapped down before the market opened on Wednesday . The stock had previously closed at $9.29, but opened at $8.43. Alight shares last traded at $8.04, with a volume of 4,280,350 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have recently commented on ALIT. Canaccord Genuity Group lifted their price objective on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Wedbush reaffirmed an “outperform” rating and issued a $14.00 price target on shares of Alight in a research note on Thursday, April 25th. Needham & Company LLC boosted their price objective on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Finally, UBS Group raised their target price on shares of Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $12.71.

Alight Stock Down 16.9 %

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.27 and a quick ratio of 1.27. The stock has a market capitalization of $4.35 billion, a PE ratio of -14.62, a PEG ratio of 1.81 and a beta of 0.94. The company has a 50 day moving average price of $9.27 and a 200-day moving average price of $8.58.

Alight (NYSE:ALIT) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. The business had revenue of $960.00 million for the quarter, compared to analysts’ expectations of $1.03 billion. Alight had a negative net margin of 7.80% and a positive return on equity of 5.09%. As a group, analysts forecast that Alight, Inc. will post 0.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Stephan Scholl sold 83,016 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $95.10, for a total value of $7,894,821.60. Following the completion of the transaction, the chief executive officer now owns 8,115,183 shares of the company’s stock, valued at approximately $771,753,903.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Stephan Scholl sold 83,016 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the sale, the chief executive officer now owns 8,115,183 shares in the company, valued at approximately $771,753,903.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Katie J. Rooney sold 2,777 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $9.70, for a total transaction of $26,936.90. Following the completion of the sale, the insider now directly owns 2,927,314 shares in the company, valued at $28,394,945.80. The disclosure for this sale can be found here. Insiders sold a total of 543,029 shares of company stock valued at $12,385,217 over the last three months. Corporate insiders own 3.66% of the company’s stock.

Hedge Funds Weigh In On Alight

Several large investors have recently made changes to their positions in the business. Greenlight Capital Inc. purchased a new stake in Alight during the 4th quarter valued at about $78,831,000. Coronation Fund Managers Ltd. purchased a new stake in shares of Alight during the first quarter valued at approximately $55,239,000. Norges Bank bought a new stake in shares of Alight during the fourth quarter valued at approximately $42,947,000. Fidelity National Financial Inc. raised its holdings in Alight by 33.3% in the 3rd quarter. Fidelity National Financial Inc. now owns 20,000,000 shares of the company’s stock worth $141,800,000 after acquiring an additional 5,000,000 shares during the last quarter. Finally, UBS Group AG lifted its position in Alight by 1,767.5% in the 4th quarter. UBS Group AG now owns 4,998,050 shares of the company’s stock valued at $42,633,000 after acquiring an additional 4,730,410 shares in the last quarter. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

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.