Alight (NYSE:ALIT) Given New $6.50 Price Target at UBS Group

Key Points

• UBS Group has reduced Alight's price target from $10.00 to $6.50, while maintaining a "buy" rating, indicating a potential upside of 53.48% from its previous close.
• Alight's stock recently traded at $4.24, with a twelve-month high of $8.93 and a low of $4.09, alongside a market capitalization of $2.28 billion.
• The company's last quarterly earnings met expectations, reporting $0.10 earnings per share and $528 million in revenue, though revenue declined by 1.9% year-over-year.

Alight (NYSE:ALIT - Get Free Report) had its price objective reduced by investment analysts at UBS Group from $10.00 to $6.50 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. UBS Group's price objective points to a potential upside of 53.48% from the company's previous close.

ALIT has been the subject of several other reports. Wedbush lowered their target price on Alight from $11.00 to $9.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Needham & Company LLC decreased their price objective on Alight from $8.00 to $6.00 and set a "buy" rating for the company in a report on Wednesday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Alight currently has a consensus rating of "Moderate Buy" and an average target price of $9.19.

Alight Stock Performance

Alight stock traded up $0.05 during mid-day trading on Wednesday, reaching $4.24. 3,681,641 shares of the company were exchanged, compared to its average volume of 7,824,415. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18. Alight has a twelve month low of $4.09 and a twelve month high of $8.93. The firm's 50-day simple moving average is $5.51 and its two-hundred day simple moving average is $5.81. The firm has a market cap of $2.28 billion, a PE ratio of -30.25 and a beta of 1.00.

Alight (NYSE:ALIT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The firm had revenue of $528.00 million during the quarter, compared to analyst estimates of $525.26 million. Alight had a positive return on equity of 5.74% and a negative net margin of 2.65%. Alight's quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.05 earnings per share. Equities analysts predict that Alight will post 0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David D. Guilmette acquired 50,000 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The shares were acquired at an average cost of $5.69 per share, with a total value of $284,500.00. Following the transaction, the director owned 600,750 shares of the company's stock, valued at $3,418,267.50. The trade was a 9.08% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.93% of the company's stock.

Institutional Investors Weigh In On Alight

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Starboard Value LP raised its holdings in shares of Alight by 8.8% in the 4th quarter. Starboard Value LP now owns 47,228,000 shares of the company's stock valued at $326,818,000 after purchasing an additional 3,833,000 shares during the period. Cooper Creek Partners Management LLC raised its holdings in shares of Alight by 23.1% in the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company's stock valued at $122,514,000 after purchasing an additional 3,322,705 shares during the period. J. Goldman & Co LP grew its stake in Alight by 105.3% in the 4th quarter. J. Goldman & Co LP now owns 5,774,590 shares of the company's stock valued at $39,960,000 after buying an additional 2,961,443 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its stake in Alight by 13.6% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company's stock valued at $168,130,000 after buying an additional 2,901,108 shares during the last quarter. Finally, BW Gestao de Investimentos Ltda. acquired a new position in Alight in the 4th quarter valued at about $19,581,000. 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.

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