Short Interest in Alight, Inc. (NYSE:ALIT) Rises By 10.6%

Alight, Inc. (NYSE:ALIT) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 40,140,000 shares, a growth of 10.6% from the September 15th total of 36,300,000 shares. Approximately 9.2% of the company’s stock are sold short. Based on an average daily trading volume, of 4,940,000 shares, the short-interest ratio is presently 8.1 days.

Analyst Ratings Changes

ALIT has been the subject of several recent analyst reports. Citigroup decreased their target price on shares of Alight from $12.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Bank of America decreased their price objective on shares of Alight from $10.00 to $9.50 and set a “buy” rating for the company in a report on Tuesday, June 25th. JPMorgan Chase & Co. cut shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price objective for the company. in a report on Tuesday, August 20th. DA Davidson reissued a “buy” rating and set a $12.00 price objective on shares of Alight in a report on Thursday, June 20th. Finally, Wedbush cut their target price on shares of Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Alight has a consensus rating of “Moderate Buy” and a consensus price target of $10.75.

Institutional Investors Weigh In On Alight

A number of hedge funds have recently bought and sold shares of the business. Nisa Investment Advisors LLC raised its stake in shares of Alight by 65.3% in the second quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock valued at $55,000 after acquiring an additional 2,961 shares during the period. Motco purchased a new position in Alight in the 1st quarter worth about $95,000. Duality Advisers LP bought a new stake in Alight during the 1st quarter valued at about $119,000. Ingalls & Snyder LLC lifted its holdings in Alight by 20.9% during the 2nd quarter. Ingalls & Snyder LLC now owns 12,919 shares of the company’s stock valued at $95,000 after buying an additional 2,235 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new stake in Alight during the 2nd quarter valued at about $105,000. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Alight Price Performance

Alight stock traded down $0.08 during mid-day trading on Thursday, reaching $7.33. 460,090 shares of the company’s stock traded hands, compared to its average volume of 5,775,059. The company has a market cap of $4.00 billion, a price-to-earnings ratio of -16.84 and a beta of 0.86. The stock has a 50 day moving average of $7.19 and a two-hundred day moving average of $7.70. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.55. Alight has a 12-month low of $6.15 and a 12-month high of $10.38.

Alight (NYSE:ALIT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $787.00 million for the quarter, compared to the consensus estimate of $791.22 million. Alight had a negative net margin of 6.58% and a positive return on equity of 5.42%. Equities analysts forecast that Alight will post 0.42 earnings per share for the current year.

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.