Alight (NYSE:ALIT) Shares Set to Reverse Split on Tuesday, June 30th

Alight, Inc. (NYSE:ALIT)’s stock is set to reverse split before the market opens on Tuesday, June 30th. The 1-20 reverse split was announced on Thursday, June 18th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, June 29th.

Alight Stock Down 3.4%

ALIT traded down $0.02 on Thursday, reaching $0.57. 38,805,994 shares of the company traded hands, compared to its average volume of 27,889,953. The company has a market cap of $307.34 million, a price-to-earnings ratio of -0.10, a PEG ratio of 0.19 and a beta of 1.60. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.42 and a quick ratio of 1.42. The stock’s 50 day moving average price is $0.74 and its 200-day moving average price is $1.17. Alight has a 52-week low of $0.48 and a 52-week high of $6.11.

Alight (NYSE:ALIT) last released its earnings results on Tuesday, May 5th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $534.00 million during the quarter, compared to the consensus estimate of $502.74 million. Alight had a negative net margin of 137.50% and a positive return on equity of 13.04%. On average, sell-side analysts expect that Alight will post 0.28 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on ALIT. KeyCorp lowered Alight from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 19th. Weiss Ratings lowered Alight from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, May 7th. Needham & Company LLC cut Alight from a “buy” rating to a “hold” rating in a research note on Thursday, February 19th. Citigroup downgraded Alight from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $6.50 to $1.00 in a report on Friday, February 20th. Finally, Wall Street Zen raised shares of Alight from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Alight presently has an average rating of “Hold” and a consensus price target of $3.56.

Hedge Funds Weigh In On Alight

Several hedge funds have recently bought and sold shares of ALIT. Strs Ohio acquired a new stake in shares of Alight in the first quarter worth about $25,000. EverSource Wealth Advisors LLC boosted its stake in shares of Alight by 152.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,201 shares of the company’s stock worth $29,000 after acquiring an additional 3,138 shares in the last quarter. Danske Bank A S acquired a new position in shares of Alight during the 3rd quarter valued at about $31,000. Peapack Gladstone Financial Corp acquired a new position in shares of Alight during the 2nd quarter valued at about $64,000. Finally, Jones Financial Companies Lllp raised its stake in shares of Alight by 1,776.2% in the 1st quarter. Jones Financial Companies Lllp now owns 11,257 shares of the company’s stock valued at $67,000 after acquiring an additional 10,657 shares in the last quarter. 96.74% of the stock is owned by institutional investors and hedge funds.

About Alight

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.