Alight (NYSE:ALIT) Trading Down 5.3% - What's Next?

Key Points

• Alight shares fell 5.3% in Tuesday trading, closing near $19.26 after hitting an intraday low of $19.10. Trading volume was far below normal, with about 100,218 shares changing hands versus an average of 1.37 million.
• Analyst sentiment on the stock is mixed: Weiss Ratings downgraded Alight, while Wall Street Zen upgraded it to hold and DA Davidson sharply raised its price target to $40 with a buy rating. Overall, MarketBeat shows a Hold consensus and an average target price of $62.57.
• The company has a market cap of about $493.4 million, a debt-to-equity ratio of 1.92, and its stock remains highly owned by institutions, which control 96.74% of shares. Recent institutional filings showed several funds increasing their positions in Alight.

Alight, Inc. (NYSE:ALIT - Get Free Report) shares fell 5.3% during trading on Tuesday . The company traded as low as $19.10 and last traded at $19.2640. 100,218 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 1,370,464 shares. The stock had previously closed at $20.35.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Weiss Ratings downgraded Alight from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, May 7th. Wall Street Zen raised shares of Alight from a "sell" rating to a "hold" rating in a report on Saturday, April 25th. Finally, DA Davidson boosted their target price on shares of Alight from $2.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $62.57.

Alight Stock Down 9.3%

The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.92. The business has a 50-day simple moving average of $15.51 and a 200-day simple moving average of $19.20. The company has a market cap of $493.41 million, a PE ratio of -0.16, a P/E/G ratio of 0.46 and a beta of 1.66.

Institutional Investors Weigh In On Alight

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALIT. EverSource Wealth Advisors LLC increased its stake in shares of Alight by 152.1% during the second quarter. EverSource Wealth Advisors LLC now owns 5,201 shares of the company's stock worth $29,000 after buying an additional 3,138 shares during the period. Strs Ohio acquired a new position in Alight during the 1st quarter worth approximately $25,000. Royal Bank of Canada increased its position in shares of Alight by 3.6% in the 1st quarter. Royal Bank of Canada now owns 159,901 shares of the company's stock valued at $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 in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Alight by 1.6% during the 3rd quarter. Alliancebernstein L.P. now owns 438,918 shares of the company's stock worth $1,431,000 after purchasing an additional 7,088 shares during the last quarter. Hedge funds and other institutional investors own 96.74% of the company's stock.

Alight Company Profile

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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