Alight, Inc. (NYSE:ALIT) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• Alight has a consensus “Hold” rating among eight brokerages: three rate it “Buy,” three “Hold,” and two “Sell.” The average 12-month price target is $52.33, though Citigroup recently cut its target to $16 from $20.
• Shares opened at $12.37, well below the 52-week high of $74.00. The company’s latest quarterly results exceeded expectations, with earnings of $0.91 per share versus a $0.76 estimate and revenue of $511 million.
• Institutional investors and hedge funds own approximately 96.74% of Alight’s stock, with several firms recently initiating or increasing positions.

Alight, Inc. (NYSE:ALIT - Get Free Report) has been given an average rating of "Hold" by the eight brokerages that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $52.3333.

A number of equities research analysts have issued reports on the company. Needham & Company LLC reissued a "hold" rating on shares of Alight in a report on Thursday, August 20th. Citigroup reaffirmed a "neutral" rating and issued a $16.00 price objective (down from $20.00) on shares of Alight in a report on Thursday, August 20th. Weiss Ratings reissued a "sell (e+)" rating on shares of Alight in a research note on Tuesday, August 4th. Finally, DA Davidson upped their target price on shares of Alight from $2.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd.

Alight Stock Performance

Shares of ALIT stock opened at $12.37 on Tuesday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.93. The business has a 50 day moving average of $16.38 and a two-hundred day moving average of $15.07. Alight has a 52 week low of $9.58 and a 52 week high of $74.00. The company has a market cap of $333.26 million, a P/E ratio of -0.16, a PEG ratio of 0.25 and a beta of 1.56.

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

Institutional Trading of Alight

Several large investors have recently added to or reduced their stakes in ALIT. Allworth Financial LP lifted its holdings in Alight by 848.5% in the fourth quarter. Allworth Financial LP now owns 14,920 shares of the company's stock worth $29,000 after purchasing an additional 13,347 shares during the period. Sequoia Financial Advisors LLC acquired a new position in Alight during the 4th quarter valued at about $44,000. DGS Capital Management LLC acquired a new position in Alight during the 4th quarter valued at about $53,000. Covestor Ltd raised its position in shares of Alight by 21.5% during the 4th quarter. Covestor Ltd now owns 40,202 shares of the company's stock worth $78,000 after buying an additional 7,108 shares in the last quarter. Finally, Evolve Private Wealth LLC bought a new stake in shares of Alight during the 1st quarter worth about $27,000. 96.74% of the stock is currently owned by institutional investors and hedge funds.

About Alight

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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