Gabelli Funds LLC Increases Stock Holdings in Alight, Inc. $ALIT

Gabelli Funds LLC raised its stake in shares of Alight, Inc. (NYSE:ALIT) by 158.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,057,321 shares of the company’s stock after purchasing an additional 648,403 shares during the quarter. Gabelli Funds LLC owned approximately 0.20% of Alight worth $3,447,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in shares of Alight by 3.6% in the 1st quarter. Royal Bank of Canada now owns 159,901 shares of the company’s stock worth $948,000 after purchasing an additional 5,525 shares during the period. AQR Capital Management LLC bought a new stake in shares of Alight during the 1st quarter valued at about $434,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Alight by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 249,753 shares of the company’s stock valued at $1,481,000 after buying an additional 10,893 shares during the period. Jones Financial Companies Lllp increased its position in shares of Alight by 1,776.2% during the first quarter. Jones Financial Companies Lllp now owns 11,257 shares of the company’s stock valued at $67,000 after buying an additional 10,657 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Alight by 7.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,027,103 shares of the company’s stock worth $6,091,000 after buying an additional 66,771 shares in the last quarter. 96.74% of the stock is currently owned by institutional investors.

Alight Trading Down 3.7%

Shares of NYSE ALIT opened at $0.91 on Wednesday. Alight, Inc. has a 1 year low of $0.65 and a 1 year high of $6.39. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.31 and a quick ratio of 1.31. The firm has a 50-day moving average of $1.38 and a 200 day moving average of $2.31. The stock has a market cap of $484.79 million, a P/E ratio of -0.15, a price-to-earnings-growth ratio of 0.51 and a beta of 1.16.

Alight (NYSE:ALIT) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.07). Alight had a positive return on equity of 9.61% and a negative net margin of 136.91%.The business had revenue of $653.00 million during the quarter, compared to analysts’ expectations of $654.30 million. As a group, sell-side analysts expect that Alight, Inc. will post 0.54 EPS for the current fiscal year.

Insider Buying and Selling at Alight

In related news, CEO Rohit Verma purchased 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were bought at an average price of $0.77 per share, for a total transaction of $77,000.00. Following the purchase, the chief executive officer directly owned 1,022,883 shares of the company’s stock, valued at approximately $787,619.91. This represents a 10.84% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.93% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on ALIT shares. Needham & Company LLC lowered shares of Alight from a “buy” rating to a “hold” rating in a report on Thursday, February 19th. Wall Street Zen downgraded Alight from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Citigroup lowered Alight from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $6.50 to $1.00 in a research report on Friday, February 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Alight in a research note on Wednesday, January 21st. Finally, DA Davidson dropped their price target on Alight from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $3.56.

Alight Company Profile

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.