Alight (NYSE:ALIT) Announces Earnings Results, Beats Expectations By $0.15 EPS

Alight (NYSE:ALIT) announced its quarterly earnings data on Tuesday. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.15, FiscalAI reports. The firm had revenue of $511.00 million during the quarter, compared to the consensus estimate of $497.02 million. Alight had a positive return on equity of 13.04% and a negative net margin of 137.50%.

Alight Stock Performance

Shares of ALIT stock traded down $2.30 during trading on Tuesday, reaching $17.33. 1,224,384 shares of the company’s stock traded hands, compared to its average volume of 1,322,357. The firm’s 50-day moving average is $16.11 and its 200 day moving average is $18.02. The company has a market capitalization of $463.18 million, a P/E ratio of -0.15, a PEG ratio of 0.36 and a beta of 1.61. Alight has a 1 year low of $9.58 and a 1 year high of $101.20. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.92.

Analyst Ratings Changes

A number of research firms recently issued reports on ALIT. DA Davidson raised their price objective on shares of Alight from $2.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Wall Street Zen raised shares of Alight from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Finally, Weiss Ratings lowered shares of Alight from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, May 7th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $62.57.

Institutional Investors Weigh In On Alight

Several institutional investors have recently made changes to their positions in ALIT. Strs Ohio purchased a new position in shares of Alight in the first quarter valued at $25,000. Renaissance Technologies LLC purchased a new stake in Alight during the 4th quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its stake in Alight by 152.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,201 shares of the company’s stock worth $29,000 after purchasing an additional 3,138 shares during the period. Danske Bank A S bought a new position in Alight in the 3rd quarter worth about $31,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in Alight during the 3rd quarter valued at about $37,000. Hedge funds and other institutional investors own 96.74% of the company’s stock.

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.