Engineers Gate Manager LP Sells 1,410,515 Shares of Alight, Inc. $ALIT

Key Points

• Engineers Gate Manager LP cut its Alight stake by 95.8%, selling 1,410,515 shares and retaining 62,564 shares worth approximately $35,000. Institutional investors and hedge funds collectively own 96.74% of Alight.
• Alight shares opened at $9.19 after falling 6.9%, near the company’s 12-month low of $9.02. The stock has a market capitalization of about $247 million and carries significant leverage, with a debt-to-equity ratio of 1.93.
• Alight exceeded quarterly expectations, reporting adjusted earnings of $0.91 per share versus the $0.76 consensus and revenue of $511 million versus $497 million expected. However, analysts maintain an overall “Hold” rating, with mixed recommendations and an average price target of $49.33.

Engineers Gate Manager LP lowered its stake in shares of Alight, Inc. (NYSE:ALIT - Free Report) by 95.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,564 shares of the company's stock after selling 1,410,515 shares during the quarter. Engineers Gate Manager LP owned about 0.23% of Alight worth $35,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Squarepoint Ops LLC grew its position in Alight by 508.7% in the 2nd quarter. Squarepoint Ops LLC now owns 1,823,646 shares of the company's stock worth $1,021,000 after purchasing an additional 1,524,070 shares during the last quarter. Allworth Financial LP raised its position in shares of Alight by 116.4% during the second quarter. Allworth Financial LP now owns 64,767 shares of the company's stock valued at $36,000 after buying an additional 34,844 shares during the last quarter. Corient Private Wealth LP raised its position in shares of Alight by 984.0% during the second quarter. Corient Private Wealth LP now owns 334,980 shares of the company's stock valued at $188,000 after buying an additional 304,079 shares during the last quarter. Angeles Wealth Management LLC lifted its stake in shares of Alight by 1,948.1% in the second quarter. Angeles Wealth Management LLC now owns 315,400 shares of the company's stock valued at $177,000 after buying an additional 300,000 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of 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 buying an additional 656,746 shares during the period. 96.74% of the stock is currently owned by institutional investors and hedge funds.

Alight Trading Down 6.9%

Shares of ALIT stock opened at $9.19 on Wednesday. Alight, Inc. has a 12-month low of $9.02 and a 12-month high of $67.70. The firm has a 50-day moving average price of $14.44 and a 200 day moving average price of $14.56. 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 company has a market capitalization of $247.44 million, a P/E ratio of -0.12, a P/E/G ratio of 0.21 and a beta of 1.56.

Alight (NYSE:ALIT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.15. Alight had a negative net margin of 90.90% and a positive return on equity of 16.05%. The firm had revenue of $511.00 million during the quarter, compared to analysts' expectations of $497.02 million. Research analysts forecast that Alight, Inc. will post 4.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Citigroup reissued 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. Needham & Company LLC reaffirmed a "hold" rating on shares of Alight in a research report on Thursday, August 20th. DA Davidson decreased their price target on shares of Alight from $32.00 to $22.00 and set a "buy" rating on the stock in a research note on Thursday, September 24th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Alight in a report on Tuesday, August 4th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Alight presently has an average rating of "Hold" and an average price target of $49.33.

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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