Alight’s (ALIT) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Alight (NYSE:ALIT) in a research report released on Monday, Benzinga reports. Needham & Company LLC currently has a $9.00 price target on the stock.

Several other research firms also recently weighed in on ALIT. Bank of America decreased their price objective on Alight from $10.00 to $9.50 and set a buy rating for the company in a report on Tuesday, June 25th. Citigroup lowered their price objective on shares of Alight from $12.00 to $11.00 and set a buy rating on the stock in a research report on Thursday, August 29th. Wedbush reduced their target price on shares of Alight from $12.00 to $10.00 and set an outperform rating for the company in a report on Thursday, August 8th. KeyCorp lowered their price target on Alight from $11.00 to $10.00 and set an overweight rating on the stock in a report on Thursday, July 11th. Finally, DA Davidson reaffirmed a buy rating and set a $12.00 price objective on shares of Alight in a research note on Thursday, June 20th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Alight presently has a consensus rating of Moderate Buy and a consensus price target of $10.75.

Alight Trading Up 2.0 %

NYSE ALIT opened at $7.41 on Monday. The firm’s fifty day moving average price is $7.20 and its 200 day moving average price is $7.88. Alight has a 12 month low of $6.15 and a 12 month high of $10.38. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.37 and a quick ratio of 1.37. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of -11.94 and a beta of 0.86.

Alight (NYSE:ALIT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. Alight had a positive return on equity of 5.42% and a negative net margin of 6.58%. The company had revenue of $787.00 million for the quarter, compared to analyst estimates of $791.22 million. On average, sell-side analysts expect that Alight will post 0.42 earnings per share for the current fiscal year.

Insider Transactions at Alight

In related news, COO Katie J. Rooney sold 47,851 shares of Alight stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $7.11, for a total value of $340,220.61. Following the sale, the chief operating officer now directly owns 2,880,753 shares in the company, valued at $20,482,153.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 5.33% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC boosted its stake in shares of Alight by 65.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock worth $55,000 after acquiring an additional 2,961 shares in the last quarter. Motco acquired a new position in Alight during the first quarter worth $95,000. Duality Advisers LP purchased a new stake in Alight during the first quarter worth $119,000. Ingalls & Snyder LLC grew its holdings in Alight by 20.9% in the second quarter. Ingalls & Snyder LLC now owns 12,919 shares of the company’s stock valued at $95,000 after purchasing an additional 2,235 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new position in shares of Alight in the second quarter valued at $105,000. 96.74% of the stock is currently owned by institutional investors and hedge funds.

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.