Q2 2024 EPS Estimates for Alight, Inc. Lowered by Wedbush (NYSE:ALIT)

Alight, Inc. (NYSE:ALIT) – Investment analysts at Wedbush reduced their Q2 2024 earnings estimates for shares of Alight in a research report issued to clients and investors on Thursday, April 25th. Wedbush analyst D. Ives now expects that the company will post earnings of $0.09 per share for the quarter, down from their previous estimate of $0.10. Wedbush currently has a “Outperform” rating and a $14.00 target price on the stock. The consensus estimate for Alight’s current full-year earnings is $0.50 per share. Wedbush also issued estimates for Alight’s Q4 2024 earnings at $0.19 EPS.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Wednesday, February 21st. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The company had revenue of $960.00 million for the quarter, compared to analyst estimates of $1.03 billion. Alight had a negative net margin of 7.80% and a positive return on equity of 5.09%.

A number of other equities analysts also recently commented on the company. UBS Group boosted their price objective on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Citigroup reaffirmed a “buy” rating and issued a $12.00 price target on shares of Alight in a report on Friday, January 5th. Needham & Company LLC upped their price target on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Finally, Canaccord Genuity Group upped their price target on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Alight currently has a consensus rating of “Buy” and a consensus price target of $12.71.

Alight Stock Down 2.1 %

Shares of NYSE:ALIT opened at $9.02 on Monday. 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 firm has a market capitalization of $5.08 billion, a PE ratio of -16.40, a price-to-earnings-growth ratio of 1.77 and a beta of 0.92. The firm’s 50-day moving average is $9.26 and its two-hundred day moving average is $8.50. Alight has a 1 year low of $6.33 and a 1 year high of $10.38.

Insiders Place Their Bets

In other Alight news, insider Katie J. Rooney sold 26,164 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $8.95, for a total value of $234,167.80. Following the completion of the transaction, the insider now owns 2,963,694 shares in the company, valued at $26,525,061.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Katie J. Rooney sold 7,100 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $9.00, for a total value of $63,900.00. Following the completion of the transaction, the insider now owns 2,999,434 shares in the company, valued at $26,994,906. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Katie J. Rooney sold 26,164 shares of the firm’s 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 completion of the transaction, the insider now owns 2,963,694 shares of the company’s stock, valued at approximately $26,525,061.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 550,129 shares of company stock worth $12,449,117. 3.66% of the stock is owned by corporate insiders.

Institutional Trading of Alight

A number of hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in shares of Alight in the 3rd quarter worth about $258,000. Bank of New York Mellon Corp raised its holdings in shares of Alight by 5.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,760,507 shares of the company’s stock valued at $12,482,000 after buying an additional 97,751 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Alight by 41.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,185 shares of the company’s stock valued at $391,000 after buying an additional 16,294 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Alight by 6.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 177,348 shares of the company’s stock valued at $1,257,000 after buying an additional 10,829 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Alight by 86.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 12,182 shares of the company’s stock valued at $86,000 after buying an additional 5,661 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.