Alight, Inc. $ALIT Stock: Private Management Group Inc. Cuts Position

Private Management Group Inc. lessened its position in Alight, Inc. (NYSE:ALIT) by 94.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 941,117 shares of the company’s stock after selling 16,918,116 shares during the quarter. Private Management Group Inc.’s holdings in Alight were worth $8,395,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Squarepoint Ops LLC grew its position in Alight by 508.7% in the 2nd quarter. Squarepoint Ops LLC now owns 1,823,646 shares of the company’s stock valued at $1,021,000 after acquiring an additional 1,524,070 shares in the last quarter. Allworth Financial LP increased its stake in Alight by 116.4% during the second quarter. Allworth Financial LP now owns 64,767 shares of the company’s stock worth $36,000 after purchasing an additional 34,844 shares during the period. Corient Private Wealth LP increased its stake in Alight by 984.0% during the second quarter. Corient Private Wealth LP now owns 334,980 shares of the company’s stock worth $188,000 after purchasing an additional 304,079 shares during the period. Angeles Wealth Management LLC increased its stake in Alight by 1,948.1% during the second quarter. Angeles Wealth Management LLC now owns 315,400 shares of the company’s stock worth $177,000 after purchasing an additional 300,000 shares during the period. Finally, Wellington Management Group LLP increased its stake in Alight by 15.3% during the second quarter. Wellington Management Group LLP now owns 4,962,795 shares of the company’s stock worth $2,779,000 after purchasing an additional 656,746 shares during the period. Institutional investors and hedge funds own 96.74% of the company’s stock.

Insider Activity at Alight

In other news, Director Richard Massey sold 25,000 shares of the business’s stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $12.11, for a total transaction of $302,750.00. Following the completion of the transaction, the director directly owned 71,016 shares of the company’s stock, valued at approximately $860,003.76. The trade was a 26.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Alight Trading Down 3.3%

ALIT opened at $12.23 on Wednesday. Alight, Inc. has a 12 month low of $7.93 and a 12 month high of $49.40. The stock has a market capitalization of $329.56 million, a price-to-earnings ratio of -0.32, a PEG ratio of 0.25 and a beta of 1.73. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.42 and a quick ratio of 1.42. The business has a fifty day moving average price of $10.77 and a 200 day moving average price of $15.44.

Alight (NYSE:ALIT) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.54. The company had revenue of $500.00 million for the quarter, compared to analyst estimates of $473.74 million. Alight had a positive return on equity of 15.51% and a negative net margin of 46.04%. Sell-side analysts expect that Alight, Inc. will post 4.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ALIT shares. DA Davidson lowered their price objective on shares of Alight from $32.00 to $22.00 and set a “buy” rating for the company in a research note on Thursday, September 24th. Weiss Ratings restated a “sell (e+)” rating on shares of Alight in a report on Monday, November 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Alight in a research note on Wednesday, November 4th. Finally, Citigroup reiterated a “neutral” rating and set a $16.00 target price (down from $20.00) on shares of Alight in a report on Thursday, August 20th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $29.00.

Alight Profile

Alight, Inc. is a cloud-based provider of human capital and business solutions for employers and their employees. The company helps organizations manage employee benefits, payroll, human resources, financial administration and related workforce processes through technology-enabled services. Its offerings include benefits administration, healthcare and employee wellbeing programs, retirement and financial solutions, payroll services, human resources administration and workforce management tools. Alight also provides employee experience and engagement capabilities through platforms such as Alight Worklife, which is designed to give employees access to workplace, benefits and financial information through a unified digital experience.