DA Davidson Has Lowered Expectations for Alight (NYSE:ALIT) Stock Price

Alight (NYSE:ALIT) had its target price cut by stock analysts at DA Davidson from $32.00 to $22.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. DA Davidson’s price objective would indicate a potential upside of 75.70% from the company’s previous close.

Several other brokerages have also issued reports on ALIT. Weiss Ratings reissued a “sell (e+)” rating on shares of Alight in a research note on Tuesday, August 4th. Citigroup restated a “neutral” rating and issued a $16.00 target price (down from $20.00) on shares of Alight in a research note on Thursday, August 20th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Alight in a report on Thursday, August 20th. 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $49.33.

Alight Trading Down 3.0%

NYSE ALIT opened at $12.52 on Thursday. Alight has a 12 month low of $9.58 and a 12 month high of $67.70. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.93. The company has a market cap of $337.30 million, a PE ratio of -0.16, a PEG ratio of 0.27 and a beta of 1.56. The stock has a 50 day moving average of $15.25 and a 200-day moving average of $14.80.

Alight (NYSE:ALIT) last announced its earnings results on Tuesday, August 4th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.76 by $0.15. Alight had a negative net margin of 90.90% and a positive return on equity of 16.05%. The business had revenue of $511.00 million during the quarter, compared to the consensus estimate of $497.02 million. On average, equities research analysts anticipate that Alight will post 4.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Alight

Institutional investors and hedge funds have recently made changes to their positions in the business. Thompson Siegel & Walmsley LLC boosted its stake in shares of Alight by 57.8% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 5,177,007 shares of the company’s stock worth $10,095,000 after purchasing an additional 1,895,403 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Alight during the second quarter valued at $187,000. Public Employees Retirement System of Ohio purchased a new position in shares of Alight during the 2nd quarter valued at about $35,000. Squarepoint Ops LLC boosted its stake in shares of Alight by 508.7% during the 2nd quarter. Squarepoint Ops LLC now owns 1,823,646 shares of the company’s stock worth $1,021,000 after acquiring an additional 1,524,070 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its position in Alight by 9.6% during the fourth quarter. Handelsbanken Fonder AB now owns 179,367 shares of the company’s stock worth $350,000 after acquiring an additional 15,649 shares during the period. 96.74% of the stock is owned by hedge funds and other institutional investors.

About Alight

Alight, Inc provides cloud-based human capital and business solutions designed to help employers manage employee-related programs and administrative processes. Its offerings support areas such as payroll, human resources, employee benefits, workforce management, and employee financial and physical wellbeing.

The company’s platform and services are used by organizations to administer benefits programs, deliver employee engagement tools, manage payroll and related processes, and provide data and technology support for workforce decision-making.