Bank of New York Mellon Corp Makes New $187,000 Investment in Alight, Inc. $ALIT

Key Points

• Bank of New York Mellon purchased 333,788 shares of Alight, valued at approximately $187,000, while institutional investors collectively own 96.74% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $52.33; Citigroup lowered its target to $16, while DA Davidson raised its target to $40 and issued a “Buy” rating.
• Alight exceeded quarterly expectations, reporting $0.91 in EPS versus a $0.76 consensus estimate and $511 million in revenue versus $497.02 million expected, although the company posted a negative 90.90% net margin.

Bank of New York Mellon Corp bought a new stake in Alight, Inc. (NYSE:ALIT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 333,788 shares of the company's stock, valued at approximately $187,000. Bank of New York Mellon Corp owned approximately 1.25% of Alight as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Thompson Siegel & Walmsley LLC boosted its stake in Alight by 57.8% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 5,177,007 shares of the company's stock valued at $10,095,000 after acquiring an additional 1,895,403 shares during the last quarter. Pacer Advisors Inc. bought a new stake in shares of Alight in the 4th quarter worth about $8,462,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Alight by 14,961.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 199,106 shares of the company's stock valued at $388,000 after purchasing an additional 197,784 shares in the last quarter. Aristides Capital LLC bought a new position in shares of Alight during the fourth quarter worth about $186,000. Finally, Needham Investment Management LLC lifted its position in shares of Alight by 100.0% during the fourth quarter. Needham Investment Management LLC now owns 300,000 shares of the company's stock worth $585,000 after purchasing an additional 150,000 shares during the last quarter. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on ALIT shares. Needham & Company LLC reissued a "hold" rating on shares of Alight in a report on Thursday, August 20th. Citigroup reaffirmed 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. Weiss Ratings reiterated a "sell (e+)" rating on shares of Alight in a research report on Tuesday, August 4th. Finally, DA Davidson boosted their price target on Alight from $2.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $52.33.

Alight Price Performance

Shares of NYSE:ALIT opened at $11.93 on Thursday. The company has a market cap of $321.48 million, a PE ratio of -0.15, a P/E/G ratio of 0.25 and a beta of 1.56. Alight, Inc. has a fifty-two week low of $9.58 and a fifty-two week high of $71.80. The firm has a 50-day simple moving average of $16.08 and a 200 day simple moving average of $15.00. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.93.

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

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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