Alight (NYSE:ALIT) Shares Gap Down - Time to Sell?

Key Points

• Alight shares gapped down ahead of Monday trading, opening at $20.93 versus a prior close of $21.74 and last trading around $20.62, down about 5.1%.
• Analyst sentiment is mixed: recent moves include a Weiss Ratings downgrade, a Wall Street Zen upgrade to hold, and DA Davidson raising its price target sharply to $40 while maintaining a buy rating.
• The stock is drawing interest from institutions, with hedge funds and investors making small to large additions, while institutional ownership remains high at 96.74%.

Alight, Inc. (NYSE:ALIT - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $21.74, but opened at $20.93. Alight shares last traded at $20.6230, with a volume of 35,987 shares.

Analyst Upgrades and Downgrades

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

Alight Trading Down 5.1%

The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a market cap of $551.31 million, a P/E ratio of -0.18, a P/E/G ratio of 0.46 and a beta of 1.66. The company has a 50-day simple moving average of $15.44 and a 200-day simple moving average of $19.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio acquired a new stake in Alight in the 1st quarter valued at about $25,000. EverSource Wealth Advisors LLC increased its holdings in shares of 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 purchasing an additional 3,138 shares in the last quarter. Danske Bank A S bought a new position in Alight in the 3rd quarter worth approximately $31,000. Peapack Gladstone Financial Corp bought a new position in Alight in the 2nd quarter worth approximately $64,000. Finally, Jones Financial Companies Lllp lifted its holdings in Alight by 1,776.2% during the 1st quarter. Jones Financial Companies Lllp now owns 11,257 shares of the company's stock worth $67,000 after buying an additional 10,657 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.

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