Alight, Inc. $ALIT Shares Purchased by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP increased its Alight holdings by 984% in the second quarter, acquiring 304,079 additional shares for a total of 334,980 shares valued at approximately $188,000.
• Several other institutions also expanded or initiated positions, with institutional investors and hedge funds collectively owning 96.74% of Alight’s stock.
• Alight reported quarterly EPS of $0.91 and revenue of $511 million, exceeding analyst expectations, but its shares opened at $8.74—near their 52-week low. Analysts maintain a consensus “Hold” rating.

Corient Private Wealth LP lifted its holdings in Alight, Inc. (NYSE:ALIT - Free Report) by 984.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 334,980 shares of the company's stock after acquiring an additional 304,079 shares during the period. Corient Private Wealth LP owned approximately 1.24% of Alight worth $188,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Angeles Wealth Management LLC boosted its holdings in shares of Alight by 1,948.1% during the 2nd quarter. Angeles Wealth Management LLC now owns 315,400 shares of the company's stock worth $177,000 after buying an additional 300,000 shares in the last quarter. Wellington Management Group LLP increased its stake in Alight by 15.3% in the second quarter. Wellington Management Group LLP now owns 4,962,795 shares of the company's stock valued at $2,779,000 after purchasing an additional 656,746 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Alight in the second quarter valued at $35,000. Bank of New York Mellon Corp acquired a new position in shares of Alight during the second quarter valued at about $187,000. Finally, Militia Capital Management LLC acquired a new position in shares of Alight during the first quarter valued at about $661,000. 96.74% of the stock is owned by institutional investors and hedge funds.

Alight Trading Down 1.2%

Shares of Alight stock opened at $8.74 on Tuesday. The stock has a market capitalization of $235.54 million, a P/E ratio of -0.11, a P/E/G ratio of 0.19 and a beta of 1.69. Alight, Inc. has a 52-week low of $8.51 and a 52-week high of $67.70. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.42 and a current ratio of 1.42. The stock's 50-day simple moving average is $13.63 and its 200 day simple moving average is $14.34.

Alight (NYSE:ALIT - Get Free Report) last issued its 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. The firm had revenue of $511.00 million during 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 anticipate that Alight, Inc. will post 4.12 EPS for the current year.

Wall Street Analysts Forecast Growth

ALIT has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Alight in a research report on Tuesday, August 4th. Needham & Company LLC reiterated a "hold" rating on shares of Alight in a report on Thursday, August 20th. DA Davidson reduced their price objective on Alight from $32.00 to $22.00 and set a "buy" rating for the company in a research note on Thursday, September 24th. Finally, Citigroup restated a "neutral" rating and set a $16.00 price objective (down from $20.00) on shares of Alight in a report on Thursday, August 20th. Three research 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's stock. According to MarketBeat.com, Alight currently has a consensus rating of "Hold" and a consensus target price of $49.33.

Alight Profile

Alight, Inc NYSE: ALIT is a cloud-based provider of human capital and financial management technology and services. The company helps organizations manage employee benefits, payroll, human resources, talent administration and financial well-being through digital platforms and related professional services.

Its offerings include employee engagement and benefits administration tools, payroll and workforce management solutions, and software designed to support health, retirement and other workplace programs.

Want to see what other hedge funds are holding ALIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alight, Inc. (NYSE:ALIT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.