Alight (NYSE:ALIT) Receives “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of Alight (NYSE:ALIT) in a research report released on Thursday morning, Benzinga reports. The brokerage currently has a $14.00 target price on the stock. Wedbush also issued estimates for Alight’s Q1 2024 earnings at $0.08 EPS, Q3 2024 earnings at $0.14 EPS, Q1 2025 earnings at $0.13 EPS, Q3 2025 earnings at $0.14 EPS and FY2025 earnings at $0.59 EPS.

A number of other research firms have also issued reports on ALIT. Citigroup reaffirmed a buy rating and issued a $12.00 target price on shares of Alight in a report on Friday, January 5th. UBS Group raised their target price on Alight from $12.00 to $13.00 and gave the company a buy rating in a report on Thursday, March 21st. Canaccord Genuity Group raised their target price on Alight from $12.00 to $13.00 and gave the company a buy rating in a report on Thursday, March 21st. Finally, Needham & Company LLC raised their target price on Alight from $12.00 to $13.00 and gave the company a buy rating in a report on Thursday, March 21st. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Alight presently has a consensus rating of Buy and an average price target of $12.71.

Alight Stock Up 0.4 %

Shares of ALIT traded up $0.04 during midday trading on Thursday, reaching $9.15. 19,519 shares of the stock were exchanged, compared to its average volume of 6,465,308. Alight has a 12-month low of $6.33 and a 12-month high of $10.38. The firm has a 50 day simple moving average of $9.29 and a 200-day simple moving average of $8.42. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.58. The company has a market cap of $5.15 billion, a price-to-earnings ratio of -16.55, a P/E/G ratio of 1.78 and a beta of 0.92.

Alight (NYSE:ALIT) last posted its quarterly earnings results on Wednesday, February 21st. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates 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. Research analysts forecast that Alight will post 0.5 EPS for the current year.

Insider Buying and Selling

In related news, insider Katie J. Rooney sold 2,777 shares of Alight stock in a transaction on Monday, April 1st. The stock was sold at an average price of $9.70, for a total transaction of $26,936.90. Following the completion of the sale, the insider now directly owns 2,927,314 shares of the company’s stock, valued at $28,394,945.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Alight news, CEO Stephan Scholl sold 83,016 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $95.10, for a total value of $7,894,821.60. Following the completion of the transaction, the chief executive officer now directly owns 8,115,183 shares of the company’s stock, valued at $771,753,903.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Katie J. Rooney sold 2,777 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $9.70, for a total value of $26,936.90. Following the completion of the transaction, the insider now directly owns 2,927,314 shares of the company’s stock, valued at $28,394,945.80. The disclosure for this sale can be found here. Insiders sold a total of 550,129 shares of company stock valued at $12,449,117 over the last three months. Company insiders own 3.96% of the company’s stock.

Institutional Trading of Alight

Institutional investors have recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Alight during the third quarter worth about $1,148,000. Natixis Advisors L.P. boosted its stake in shares of Alight by 81.0% during the 3rd quarter. Natixis Advisors L.P. now owns 323,062 shares of the company’s stock worth $2,290,000 after acquiring an additional 144,573 shares during the period. Walleye Capital LLC boosted its stake in Alight by 229.8% in the 3rd quarter. Walleye Capital LLC now owns 281,509 shares of the company’s stock valued at $1,996,000 after purchasing an additional 196,160 shares during the period. Tudor Investment Corp Et Al boosted its stake in Alight by 387.1% in the 3rd quarter. Tudor Investment Corp Et Al now owns 385,382 shares of the company’s stock valued at $2,732,000 after purchasing an additional 306,257 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new stake in Alight in the 3rd quarter valued at $52,000. 96.74% of the stock is currently owned by institutional investors.

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.