Alight (NYSE:ALIT) Price Target Cut to $12.00

Alight (NYSE:ALIT) had its target price decreased by stock analysts at Wedbush from $14.00 to $12.00 in a report released on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Wedbush’s target price indicates a potential upside of 58.52% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. KeyCorp reduced their price target on Alight from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday. UBS Group raised their price objective on shares of Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Needham & Company LLC lowered their target price on shares of Alight from $13.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Canaccord Genuity Group lifted their price target on 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 data from MarketBeat.com, Alight presently has an average rating of “Buy” and an average target price of $12.00.

Alight Price Performance

Shares of NYSE:ALIT traded down $0.12 during midday trading on Friday, hitting $7.57. The company had a trading volume of 5,325,537 shares, compared to its average volume of 6,656,271. The business’s 50-day simple moving average is $9.22 and its 200-day simple moving average is $8.57. 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 cap of $4.26 billion, a price-to-earnings ratio of -13.75, a price-to-earnings-growth ratio of 1.81 and a beta of 0.94. Alight has a twelve month low of $6.33 and a twelve month high of $10.38.

Alight (NYSE:ALIT) last released its 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. Alight had a positive return on equity of 5.09% and a negative net margin of 7.80%. The company had revenue of $960.00 million during the quarter, compared to the consensus estimate of $1.03 billion. On average, research analysts predict that Alight will post 0.5 earnings per share for the current year.

Insider Transactions at Alight

In other news, insider Katie J. Rooney sold 26,164 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $8.95, for a total transaction of $234,167.80. Following the completion of the sale, the insider now owns 2,963,694 shares in the company, valued at $26,525,061.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Katie J. Rooney sold 26,164 shares of Alight stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $8.95, for a total value of $234,167.80. Following the transaction, the insider now directly owns 2,963,694 shares in the company, valued at approximately $26,525,061.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Stephan Scholl sold 428,574 shares of Alight stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $9.81, for a total transaction of $4,204,310.94. Following the completion of the sale, the chief executive officer now directly owns 8,198,199 shares in the company, valued at approximately $80,424,332.19. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 543,029 shares of company stock worth $12,385,217. Insiders own 3.66% of the company’s stock.

Hedge Funds Weigh In On Alight

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Alight by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 35,198,914 shares of the company’s stock valued at $300,247,000 after purchasing an additional 547,614 shares during the last quarter. Fidelity National Financial Inc. increased its position in Alight by 11.5% during the 4th quarter. Fidelity National Financial Inc. now owns 22,300,000 shares of the company’s stock worth $190,219,000 after purchasing an additional 2,300,000 shares in the last quarter. Glenview Capital Management LLC lifted its holdings in shares of Alight by 11.2% during the 4th quarter. Glenview Capital Management LLC now owns 18,202,012 shares of the company’s stock valued at $155,263,000 after acquiring an additional 1,835,481 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Alight by 33.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,171,721 shares of the company’s stock worth $103,826,000 after buying an additional 3,018,711 shares during the period. Finally, River Road Asset Management LLC boosted its holdings in Alight by 2.9% in the 4th quarter. River Road Asset Management LLC now owns 9,360,406 shares of the company’s stock worth $79,844,000 after acquiring an additional 263,242 shares during the period. 96.74% of the stock is owned by institutional investors and hedge funds.

About Alight

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.