Alight (NYSE:ALIT) Price Target Lowered to $22.00 at DA Davidson

Key Points

• DA Davidson lowered Alight’s price target from $32 to $22 while maintaining a “buy” rating, implying approximately 75.7% upside from the prior close.
• Analyst sentiment is mixed: Alight has an overall “hold” rating, with three buys, three holds, and two sells; the average price target is $49.33.
• Alight’s latest quarterly results exceeded expectations, with EPS of $0.91 versus a $0.76 estimate and revenue of $511 million versus a $497.02 million forecast, although the company reported a 90.9% negative net margin.

Alight (NYSE:ALIT - Get Free Report) had its price objective reduced by equities researchers at DA Davidson from $32.00 to $22.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. DA Davidson's price objective indicates a potential upside of 75.70% from the company's previous close.

ALIT has been the subject of several other reports. Weiss Ratings restated a "sell (e+)" rating on shares of Alight in a research note on Tuesday, August 4th. Citigroup reissued a "neutral" rating and set a $16.00 target price (down from $20.00) on shares of Alight in a report on Thursday, August 20th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Alight in a research note on Thursday, August 20th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $49.33.

Alight Price Performance

ALIT stock opened at $12.52 on Thursday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.93. Alight has a 12-month low of $9.58 and a 12-month high of $67.70. The company has a market cap of $337.30 million, a PE ratio of -0.16, a price-to-earnings-growth ratio of 0.27 and a beta of 1.56. The stock has a 50-day moving average price of $15.25 and a two-hundred day moving average price of $14.80.

Alight (NYSE:ALIT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.76 by $0.15. The firm had revenue of $511.00 million for the quarter, compared to analyst estimates of $497.02 million. Alight had a negative net margin of 90.90% and a positive return on equity of 16.05%. As a group, research analysts predict that Alight will post 4.12 EPS for the current year.

Hedge Funds Weigh In On Alight

Several institutional investors and hedge funds have recently modified their holdings of ALIT. Thompson Siegel & Walmsley LLC boosted its stake in shares of Alight by 57.8% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 5,177,007 shares of the company's stock worth $10,095,000 after acquiring an additional 1,895,403 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Alight in the second quarter valued at about $187,000. Public Employees Retirement System of Ohio acquired a new position in shares of Alight in the 2nd quarter worth approximately $35,000. Squarepoint Ops LLC lifted its holdings in shares of Alight by 508.7% during the second quarter. Squarepoint Ops LLC now owns 1,823,646 shares of the company's stock valued at $1,021,000 after acquiring an additional 1,524,070 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in Alight by 9.6% during the 4th quarter. Handelsbanken Fonder AB now owns 179,367 shares of the company's stock valued at $350,000 after purchasing an additional 15,649 shares during the last quarter. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

Alight Company Profile

Alight, Inc provides cloud-based human capital and business solutions designed to help employers manage employee-related programs and administrative processes. Its offerings support areas such as payroll, human resources, employee benefits, workforce management, and employee financial and physical wellbeing.

The company's platform and services are used by organizations to administer benefits programs, deliver employee engagement tools, manage payroll and related processes, and provide data and technology support for workforce decision-making.

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