Alight (NYSE:ALIT) Price Target Lowered to $9.00 at Needham & Company LLC

Alight (NYSE:ALIT) had its price target reduced by research analysts at Needham & Company LLC from $11.00 to $9.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 35.75% from the company’s previous close.

Other equities research analysts have also issued reports about the company. KeyCorp boosted their target price on Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Canaccord Genuity Group boosted their price objective on shares of Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $10.61.

Alight Stock Performance

Shares of ALIT opened at $6.63 on Thursday. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of -13.81 and a beta of 0.95. The company’s fifty day moving average is $7.34 and its 200-day moving average is $7.25. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. Alight has a 12 month low of $6.15 and a 12 month high of $10.38.

Alight (NYSE:ALIT) last posted its earnings results on Tuesday, November 12th. The company reported $0.09 EPS for the quarter, hitting the consensus estimate of $0.09. Alight had a negative net margin of 7.95% and a positive return on equity of 5.61%. The firm had revenue of $555.00 million for the quarter, compared to the consensus estimate of $538.39 million. During the same period in the prior year, the business posted $0.07 earnings per share. The business’s quarterly revenue was down .4% on a year-over-year basis. Equities analysts expect that Alight will post 0.47 EPS for the current fiscal year.

Insider Transactions at Alight

In other Alight news, President Gregory R. Goff sold 250,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $8.00, for a total value of $2,000,000.00. Following the completion of the sale, the president now owns 852,694 shares in the company, valued at approximately $6,821,552. This trade represents a 22.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gregory A. George sold 84,929 shares of Alight stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $7.60, for a total value of $645,460.40. Following the sale, the insider now directly owns 223,327 shares in the company, valued at $1,697,285.20. The trade was a 27.55 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,334,929 shares of company stock worth $43,895,460. Insiders own 5.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ALIT. Rhumbline Advisers raised its stake in shares of Alight by 13.9% in the 2nd quarter. Rhumbline Advisers now owns 757,020 shares of the company’s stock valued at $5,587,000 after buying an additional 92,235 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Alight by 8.1% during the 2nd quarter. Arizona State Retirement System now owns 107,340 shares of the company’s stock valued at $792,000 after acquiring an additional 8,043 shares in the last quarter. Headlands Technologies LLC bought a new stake in Alight in the second quarter valued at about $251,000. American Century Companies Inc. acquired a new position in Alight in the second quarter worth about $174,000. Finally, Qsemble Capital Management LP lifted its stake in Alight by 26.2% during the second quarter. Qsemble Capital Management LP now owns 88,053 shares of the company’s stock worth $650,000 after purchasing an additional 18,294 shares during the period. 96.74% of the stock is owned by 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.