Invenomic Capital Management LP Takes Position in Alight, Inc. $ALIT

Invenomic Capital Management LP acquired a new stake in shares of Alight, Inc. (NYSE:ALIT) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,905,093 shares of the company’s stock, valued at approximately $6,211,000. Invenomic Capital Management LP owned about 0.36% of Alight as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in shares of Alight by 1.3% in the second quarter. Geode Capital Management LLC now owns 10,413,720 shares of the company’s stock valued at $58,950,000 after acquiring an additional 135,109 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Alight by 270.1% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 361,165 shares of the company’s stock worth $2,044,000 after purchasing an additional 263,592 shares in the last quarter. Prudential Financial Inc. lifted its position in Alight by 14.0% in the second quarter. Prudential Financial Inc. now owns 1,183,796 shares of the company’s stock worth $6,700,000 after purchasing an additional 145,606 shares during the period. Neuberger Berman Group LLC lifted its position in Alight by 17.9% in the third quarter. Neuberger Berman Group LLC now owns 7,250,711 shares of the company’s stock worth $23,651,000 after purchasing an additional 1,102,802 shares during the period. Finally, American Century Companies Inc. boosted its stake in Alight by 9.2% during the 2nd quarter. American Century Companies Inc. now owns 7,557,788 shares of the company’s stock valued at $42,777,000 after purchasing an additional 637,142 shares in the last quarter. Institutional investors own 96.74% of the company’s stock.

Insider Activity

In other Alight news, CEO Rohit Verma purchased 112,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were purchased at an average cost of $0.89 per share, with a total value of $99,680.00. Following the completion of the transaction, the chief executive officer owned 1,134,883 shares of the company’s stock, valued at approximately $1,010,045.87. This represents a 10.95% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.93% of the stock is owned by insiders.

Alight Price Performance

NYSE ALIT opened at $0.92 on Monday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.90. Alight, Inc. has a 1 year low of $0.65 and a 1 year high of $6.39. The company has a market cap of $491.21 million, a PE ratio of -0.16, a PEG ratio of 0.50 and a beta of 1.17. The stock’s 50-day moving average price is $1.32 and its two-hundred day moving average price is $2.24.

Alight (NYSE:ALIT) last announced its earnings results on Thursday, February 19th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.07). The firm had revenue of $653.00 million during the quarter, compared to analyst estimates of $654.30 million. Alight had a positive return on equity of 9.61% and a negative net margin of 136.91%. On average, analysts predict that Alight, Inc. will post 0.54 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on ALIT shares. DA Davidson cut their price objective on Alight from $6.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Wall Street Zen cut shares of Alight from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Citigroup downgraded shares of Alight from a “buy” rating to a “neutral” rating and cut their price target for the company from $6.50 to $1.00 in a report on Friday, February 20th. KeyCorp cut shares of Alight from an “overweight” rating to a “sector weight” rating in a research note on Thursday, February 19th. Finally, Needham & Company LLC cut shares of Alight from a “buy” rating to a “hold” rating in a report on Thursday, February 19th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Alight has a consensus rating of “Hold” and a consensus price target of $3.56.

About Alight

Alight, Inc (NYSE: ALIT) is a leading provider of cloud-based human capital and financial solutions designed to help organizations and their employees navigate critical life and work events. The company offers a comprehensive suite of services, including payroll administration, benefits enrollment and management, workforce and analytics solutions, health and welfare support, and financial wellness programs. By integrating advanced technology with expert advisory services, Alight aims to simplify the administration of human resources and benefits functions, improve employee engagement and productivity, and drive cost efficiencies for its clients.

Alight’s core platform leverages cloud architecture and automation to deliver scalable and secure solutions that address the needs of mid-sized and large enterprises.