Alight (NYSE:ALIT) Announces Quarterly Earnings Results

Alight (NYSE:ALIT) announced its quarterly earnings results on Thursday. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.07), FiscalAI reports. Alight had a negative net margin of 94.23% and a positive return on equity of 7.89%. The firm had revenue of $653.00 million for the quarter, compared to analyst estimates of $654.30 million.

Alight Stock Performance

Shares of NYSE:ALIT traded down $0.45 on Thursday, hitting $0.86. 41,674,993 shares of the company were exchanged, compared to its average volume of 12,021,725. The company’s 50 day moving average price is $1.70 and its two-hundred day moving average price is $2.62. The firm has a market capitalization of $459.09 million, a price-to-earnings ratio of -0.21 and a beta of 1.09. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.21 and a current ratio of 1.21. Alight has a one year low of $0.72 and a one year high of $7.66.

Wall Street Analyst Weigh In

ALIT has been the topic of several analyst reports. Wedbush dropped their price target on shares of Alight from $7.00 to $5.00 and set an “outperform” rating on the stock in a research note on Thursday, November 6th. DA Davidson lowered their target price on shares of Alight from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Bank of America assumed coverage on Alight in a research report on Tuesday. They issued an “underperform” rating and a $1.40 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Alight in a report on Wednesday, January 21st. Finally, KeyCorp restated a “sector weight” rating on shares of Alight in a report on Thursday. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Alight currently has a consensus rating of “Hold” and an average price target of $3.98.

Insider Buying and Selling

In other news, Director Robert A. Schriesheim acquired 42,098 shares of Alight stock in a transaction on Wednesday, November 26th. The stock was bought at an average price of $2.38 per share, for a total transaction of $100,193.24. Following the transaction, the director owned 109,130 shares of the company’s stock, valued at $259,729.40. The trade was a 62.80% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kausik Rajgopal acquired 40,000 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The shares were purchased at an average cost of $2.24 per share, for a total transaction of $89,600.00. Following the acquisition, the director directly owned 125,202 shares in the company, valued at $280,452.48. This represents a 46.95% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 193,116 shares of company stock valued at $448,984 over the last three months. 1.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alight

A number of hedge funds have recently made changes to their positions in ALIT. Dimensional Fund Advisors LP increased its stake in Alight by 1.4% in the third quarter. Dimensional Fund Advisors LP now owns 25,937,324 shares of the company’s stock valued at $84,558,000 after acquiring an additional 348,285 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Alight by 87.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 24,777,535 shares of the company’s stock valued at $48,316,000 after purchasing an additional 11,534,921 shares in the last quarter. Rubric Capital Management LP grew its stake in shares of Alight by 10.8% in the 2nd quarter. Rubric Capital Management LP now owns 19,626,953 shares of the company’s stock valued at $111,089,000 after purchasing an additional 1,906,140 shares during the period. Cooper Creek Partners Management LLC lifted its position in shares of Alight by 6.6% during the 3rd quarter. Cooper Creek Partners Management LLC now owns 19,168,119 shares of the company’s stock worth $62,488,000 after buying an additional 1,187,092 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Alight by 289.1% in the 3rd quarter. Wellington Management Group LLP now owns 13,909,404 shares of the company’s stock valued at $45,345,000 after buying an additional 10,334,915 shares in the last quarter. Institutional investors and hedge funds 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.