Alight, Inc. (NYSE:ALIT) Short Interest Update

Key Points

• Short interest in Alight fell sharply in June, dropping 48.2% to 18.99 million shares as of June 30. Even after the decline, 72.6% of the float remains sold short, with a short-interest ratio of just 0.5 days based on average volume.
• ALIT shares were trading lower at $21.73 on Wednesday, below both the 50-day moving average of $15.22 and the 200-day moving average of $19.70. The stock also has a high beta of 1.66 and a market cap of about $580.98 million.
• Analyst sentiment is mixed but leans Hold, with three Buy ratings, three Hold ratings, and two Sell ratings. MarketBeat shows a consensus rating of Hold and a consensus price target of $62.57, while DA Davidson recently raised its target to $40 and kept a Buy rating.

Alight, Inc. (NYSE:ALIT - Get Free Report) saw a large drop in short interest in the month of June. As of June 30th, there was short interest totaling 18,995,183 shares, a drop of 48.2% from the June 15th total of 36,657,802 shares. Currently, 72.6% of the shares of the stock are sold short. Based on an average trading volume of 39,808,326 shares, the short-interest ratio is presently 0.5 days.

Alight Price Performance

Shares of ALIT traded down $0.20 during trading hours on Wednesday, hitting $21.73. The stock had a trading volume of 577,433 shares, compared to its average volume of 1,398,340. The company's fifty day moving average is $15.22 and its two-hundred day moving average is $19.70. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.42 and a quick ratio of 1.42. Alight has a 52 week low of $9.58 and a 52 week high of $116.00. The stock has a market capitalization of $580.98 million, a price-to-earnings ratio of -0.19, a P/E/G ratio of 0.44 and a beta of 1.66.

Institutional Trading of Alight

Several hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in Alight by 152.1% in the second quarter. EverSource Wealth Advisors LLC now owns 5,201 shares of the company's stock valued at $29,000 after acquiring an additional 3,138 shares during the last quarter. Strs Ohio bought a new position in shares of Alight in the 1st quarter valued at about $25,000. Royal Bank of Canada increased its stake in shares of Alight by 3.6% during the 1st quarter. Royal Bank of Canada now owns 159,901 shares of the company's stock worth $948,000 after purchasing an additional 5,525 shares during the last quarter. HB Wealth Management LLC raised its holdings in shares of Alight by 34.5% in the 4th quarter. HB Wealth Management LLC now owns 26,605 shares of the company's stock valued at $52,000 after purchasing an additional 6,817 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in shares of Alight by 1.6% in the 3rd quarter. Alliancebernstein L.P. now owns 438,918 shares of the company's stock valued at $1,431,000 after purchasing an additional 7,088 shares during the period. Institutional investors and hedge funds own 96.74% of the company's stock.

Analysts Set New Price Targets

ALIT has been the topic of a number of analyst reports. Wall Street Zen raised shares of Alight from a "sell" rating to a "hold" rating in a research note on Saturday, April 25th. Weiss Ratings cut shares of Alight from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, May 7th. Finally, DA Davidson lifted their price objective on Alight from $2.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Alight currently has a consensus rating of "Hold" and a consensus price target of $62.57.

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.

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