Needham & Company LLC Reaffirms Buy Rating for Alight (NYSE:ALIT)

Alight (NYSE:ALIT)‘s stock had its “buy” rating restated by Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They currently have a $9.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 48.39% from the stock’s current price.

Alight Trading Up 0.7 %

Shares of NYSE:ALIT opened at $6.07 on Monday. The company’s 50-day moving average price is $6.62 and its two-hundred day moving average price is $7.04. Alight has a one year low of $5.87 and a one year high of $10.04. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.30 and a quick ratio of 1.30. The stock has a market capitalization of $3.29 billion, a PE ratio of -20.22 and a beta of 0.94.

Alight (NYSE:ALIT) last released its earnings results on Thursday, February 20th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). The company had revenue of $680.00 million for the quarter, compared to the consensus estimate of $675.66 million. Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. On average, equities analysts forecast that Alight will post 0.54 EPS for the current fiscal year.

Insider Buying and Selling at Alight

In other Alight news, Director Robert A. Schriesheim purchased 22,092 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average price of $6.79 per share, for a total transaction of $150,004.68. Following the purchase, the director now owns 22,092 shares in the company, valued at approximately $150,004.68. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard N. Massey acquired 100,000 shares of Alight stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $6.39 per share, with a total value of $639,000.00. Following the completion of the transaction, the director now owns 1,573,489 shares of the company’s stock, valued at approximately $10,054,594.71. This trade represents a 6.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 125,092 shares of company stock worth $807,755 over the last quarter. 5.33% of the stock is currently owned by insiders.

Institutional Trading of Alight

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. raised its holdings in Alight by 107.6% in the 4th quarter. Blue Trust Inc. now owns 3,336 shares of the company’s stock valued at $25,000 after acquiring an additional 1,729 shares during the period. Public Employees Retirement System of Ohio grew its position in shares of Alight by 65.5% in the third quarter. Public Employees Retirement System of Ohio now owns 5,042 shares of the company’s stock valued at $37,000 after purchasing an additional 1,996 shares during the last quarter. Venturi Wealth Management LLC bought a new position in shares of Alight during the fourth quarter worth approximately $50,000. Sandia Investment Management LP acquired a new stake in Alight during the 4th quarter worth approximately $69,000. Finally, Headlands Technologies LLC bought a new stake in Alight in the 4th quarter valued at $84,000. Institutional investors and hedge funds own 96.74% of the company’s stock.

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.