Alight (NYSE:ALIT) Given New $12.00 Price Target at Wedbush

Alight (NYSE:ALIT) had its price target cut by stock analysts at Wedbush from $14.00 to $12.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s target price would suggest a potential upside of 58.52% from the company’s current price.

Several other research analysts have also commented on the stock. KeyCorp dropped their price objective on shares of Alight from $12.00 to $11.00 and set an “overweight” rating for the company in a research note on Thursday. Needham & Company LLC dropped their target price on Alight from $13.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday. UBS Group lifted their price target on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Finally, Canaccord Genuity Group boosted 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. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Alight presently has a consensus rating of “Buy” and a consensus target price of $12.00.

Alight Trading Down 1.6 %

NYSE ALIT traded down $0.12 during trading on Friday, hitting $7.57. The company had a trading volume of 5,325,537 shares, compared to its average volume of 6,656,271. The company’s fifty day moving average is $9.22 and its 200-day moving average is $8.57. The company has a market cap of $4.26 billion, a price-to-earnings ratio of -13.75, a price-to-earnings-growth ratio of 1.81 and a beta of 0.94. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.58. Alight has a one year low of $6.33 and a one year high of $10.38.

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 company had revenue of $960.00 million for the quarter, compared to the consensus estimate of $1.03 billion. Alight had a negative net margin of 7.80% and a positive return on equity of 5.09%. On average, sell-side analysts predict that Alight will post 0.5 earnings per share for the current year.

Insiders Place Their Bets

In other Alight news, CEO Stephan Scholl sold 428,574 shares of the business’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 approximately $80,424,332.19. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Katie J. Rooney sold 26,164 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $8.95, for a total value of $234,167.80. Following the completion of the sale, the insider now owns 2,963,694 shares of the company’s stock, valued at approximately $26,525,061.30. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Stephan Scholl sold 428,574 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $9.81, for a total value of $4,204,310.94. Following the completion of the sale, the chief executive officer now directly owns 8,198,199 shares of the company’s stock, valued at approximately $80,424,332.19. The disclosure for this sale can be found here. In the last quarter, insiders have sold 543,029 shares of company stock worth $12,385,217. Company insiders own 3.66% of the company’s stock.

Institutional Investors Weigh In On Alight

A number of large investors have recently added to or reduced their stakes in ALIT. DekaBank Deutsche Girozentrale bought a new stake in Alight during the third quarter worth approximately $52,000. First Horizon Advisors Inc. lifted its holdings in shares of Alight by 38.9% during the fourth quarter. First Horizon Advisors Inc. now owns 6,776 shares of the company’s stock worth $58,000 after buying an additional 1,897 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Alight by 86.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 12,182 shares of the company’s stock worth $86,000 after buying an additional 5,661 shares during the last quarter. Motco acquired a new position in shares of Alight during the first quarter worth approximately $95,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Alight during the third quarter worth approximately $109,000. Institutional investors own 96.74% of the company’s stock.

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.