Alight’s (ALIT) Outperform Rating Reiterated at Wedbush

Alight (NYSE:ALIT)‘s stock had its “outperform” rating reiterated by equities researchers at Wedbush in a research report issued on Thursday, Benzinga reports. They presently have a $14.00 price target on the stock. Wedbush’s price target suggests a potential upside of 53.76% from the company’s current price. Wedbush also issued estimates for Alight’s Q1 2024 earnings at $0.08 EPS, Q3 2024 earnings at $0.14 EPS, Q1 2025 earnings at $0.13 EPS, Q3 2025 earnings at $0.14 EPS and FY2025 earnings at $0.59 EPS.

Several other equities analysts have also commented on ALIT. Needham & Company LLC increased their target price on shares of Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Citigroup reiterated a “buy” rating and issued a $12.00 price objective on shares of Alight in a report on Friday, January 5th. UBS Group increased their target price on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Finally, Canaccord Genuity Group lifted their price target on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $12.71.

Alight Stock Performance

Alight stock opened at $9.11 on Thursday. Alight has a fifty-two week low of $6.33 and a fifty-two week high of $10.38. The firm’s fifty day moving average price is $9.28 and its 200-day moving average price is $8.44. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.27 and a current ratio of 1.27.

Alight (NYSE:ALIT) last announced its quarterly earnings data on Wednesday, February 21st. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. The firm had revenue of $960.00 million for the quarter, compared to analyst estimates of $1.03 billion. Alight had a positive return on equity of 5.09% and a negative net margin of 7.80%. Equities research analysts forecast that Alight will post 0.5 earnings per share for the current year.

Insider Activity

In other news, CEO Stephan Scholl sold 83,016 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $95.10, for a total value of $7,894,821.60. Following the sale, the chief executive officer now directly owns 8,115,183 shares of the company’s stock, valued at approximately $771,753,903.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Stephan Scholl sold 83,016 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the sale, the chief executive officer now directly owns 8,115,183 shares of the company’s stock, valued at approximately $771,753,903.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Katie J. Rooney sold 2,777 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $9.70, for a total transaction of $26,936.90. Following the sale, the insider now directly owns 2,927,314 shares of the company’s stock, valued at approximately $28,394,945.80. The disclosure for this sale can be found here. Insiders sold a total of 550,129 shares of company stock worth $12,449,117 in the last quarter. 3.96% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alight

A number of institutional investors and hedge funds have recently modified their holdings of ALIT. SG Americas Securities LLC bought a new position in Alight in the third quarter valued at about $258,000. Bank of New York Mellon Corp raised its position in Alight by 5.9% in the third quarter. Bank of New York Mellon Corp now owns 1,760,507 shares of the company’s stock worth $12,482,000 after acquiring an additional 97,751 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Alight by 41.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,185 shares of the company’s stock worth $391,000 after acquiring an additional 16,294 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Alight by 6.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 177,348 shares of the company’s stock valued at $1,257,000 after acquiring an additional 10,829 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in Alight by 86.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 12,182 shares of the company’s stock worth $86,000 after purchasing an additional 5,661 shares during the period. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

Alight Company Profile

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.