Alight (NYSE:ALIT) Given “Buy” Rating at Needham & Company LLC

Alight (NYSE:ALIT)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They currently have a $9.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 30.34% from the company’s current price.

Several other research analysts have also commented on ALIT. Canaccord Genuity Group raised their price objective on Alight from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. KeyCorp lifted their price target on Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment 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 stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.61.

Alight Price Performance

Shares of NYSE:ALIT opened at $6.91 on Friday. The business’s fifty day moving average price is $6.81 and its two-hundred day moving average price is $7.14. The stock has a market cap of $3.75 billion, a PE ratio of -14.39 and a beta of 0.94. 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 one year low of $6.15 and a one year high of $10.38.

Alight (NYSE:ALIT) last issued its earnings results on Thursday, February 20th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.04). Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. On average, analysts forecast that Alight will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling at Alight

In other Alight news, President Gregory R. Goff sold 250,000 shares of Alight stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $8.00, for a total transaction of $2,000,000.00. Following the transaction, the president now directly owns 852,694 shares in the company, valued at approximately $6,821,552. The trade was a 22.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alight

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Walleye Capital LLC purchased a new position in Alight during the 3rd quarter worth approximately $5,063,000. Highland Peak Capital LLC purchased a new position in Alight during the 3rd quarter worth approximately $5,315,000. JPMorgan Chase & Co. grew 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 acquiring an additional 1,248,465 shares in the last quarter. River Road Asset Management LLC grew its holdings in shares of Alight by 2.9% during the 3rd quarter. River Road Asset Management LLC now owns 9,988,254 shares of the company’s stock valued at $73,913,000 after acquiring an additional 286,133 shares in the last quarter. Finally, Wexford Capital LP grew its holdings in shares of Alight by 320.2% during the 3rd quarter. Wexford Capital LP now owns 110,000 shares of the company’s stock valued at $814,000 after acquiring an additional 83,822 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.