Alight (NYSE:ALIT) Receives “Outperform” Rating from Wedbush

Wedbush reissued their outperform rating on shares of Alight (NYSE:ALIT) in a report issued on Thursday, Benzinga reports. Wedbush currently has a $14.00 price target on the stock. 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 weighed in on the company. UBS Group increased their price objective on Alight from $12.00 to $13.00 and gave the company a buy rating in a report on Thursday, March 21st. Citigroup reaffirmed a buy rating and issued a $12.00 price target on shares of Alight in a report on Friday, January 5th. Canaccord Genuity Group raised their price target on Alight from $12.00 to $13.00 and gave the stock a buy rating in a report on Thursday, March 21st. Finally, Needham & Company LLC raised their price target on Alight from $12.00 to $13.00 and gave the stock a buy rating in a report on Thursday, March 21st. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of Buy and a consensus price target of $12.71.

Alight Stock Performance

Shares of ALIT traded up $0.04 on Thursday, reaching $9.15. 19,519 shares of the company’s stock traded hands, compared to its average volume of 6,465,308. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.58. The stock has a market cap of $5.15 billion, a PE ratio of -16.55, a PEG ratio of 1.78 and a beta of 0.92. The stock’s 50 day simple moving average is $9.29 and its two-hundred day simple moving average is $8.42. Alight has a 52-week low of $6.33 and a 52-week high of $10.38.

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

Insider Buying and Selling at Alight

In other Alight news, CEO Stephan Scholl sold 428,574 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $9.81, for a total transaction of $4,204,310.94. Following the sale, the chief executive officer now owns 8,198,199 shares in the company, valued at $80,424,332.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Katie J. Rooney sold 26,164 shares of Alight stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $8.95, for a total value of $234,167.80. Following the transaction, the insider now owns 2,963,694 shares in the company, valued at $26,525,061.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Stephan Scholl sold 428,574 shares of Alight stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $9.81, for a total value of $4,204,310.94. Following the completion of the transaction, the chief executive officer now owns 8,198,199 shares in the company, valued at approximately $80,424,332.19. The disclosure for this sale can be found here. Insiders have sold 550,129 shares of company stock worth $12,449,117 over the last 90 days. Corporate insiders own 3.96% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Xponance Inc. grew its stake in shares of Alight by 5.7% in the fourth quarter. Xponance Inc. now owns 25,035 shares of the company’s stock worth $214,000 after purchasing an additional 1,353 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of Alight by 38.9% in the fourth quarter. First Horizon Advisors Inc. now owns 6,776 shares of the company’s stock worth $58,000 after purchasing an additional 1,897 shares during the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of Alight by 13.7% in the third quarter. Orion Portfolio Solutions LLC now owns 17,315 shares of the company’s stock worth $123,000 after purchasing an additional 2,082 shares during the last quarter. FourThought Financial Partners LLC grew its stake in shares of Alight by 10.2% in the fourth quarter. FourThought Financial Partners LLC now owns 27,673 shares of the company’s stock worth $236,000 after purchasing an additional 2,552 shares during the last quarter. Finally, Saxon Interests Inc. grew its stake in shares of Alight by 15.4% in the first quarter. Saxon Interests Inc. now owns 19,668 shares of the company’s stock worth $194,000 after purchasing an additional 2,632 shares during the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

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.