Squarepoint Ops LLC Grows Stock Position in Alight, Inc. $ALIT

Key Points

• Squarepoint Ops LLC increased its Alight stake by 508.7% in the second quarter, acquiring 1.52 million additional shares for a total of 1.82 million shares, or 6.77% of the company. Institutional investors collectively own 96.74% of Alight.
• Analyst sentiment remains mixed, with three Buy, three Hold, and two Sell ratings. The consensus rating is Hold, with a price target of $52.33, although Citigroup lowered its target to $16 while DA Davidson raised its target to $40.
• Alight’s latest quarterly results exceeded expectations, reporting $0.91 in EPS versus the $0.76 consensus and revenue of $511 million versus estimates of $497.02 million. Shares opened at $12.24, well below their 52-week high of $70.00.

Squarepoint Ops LLC grew its stake in Alight, Inc. (NYSE:ALIT - Free Report) by 508.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,823,646 shares of the company's stock after buying an additional 1,524,070 shares during the quarter. Squarepoint Ops LLC owned 6.77% of Alight worth $1,021,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ALIT. Allworth Financial LP raised its position in 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 acquiring an additional 34,844 shares in the last quarter. Corient Private Wealth LP grew its stake in shares of Alight by 984.0% during the 2nd quarter. Corient Private Wealth LP now owns 334,980 shares of the company's stock worth $188,000 after purchasing an additional 304,079 shares during the period. Angeles Wealth Management LLC grew its stake 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 purchasing an additional 300,000 shares during the period. Wellington Management Group LLP increased its holdings in shares of Alight by 15.3% during the 2nd 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. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Alight during the 2nd quarter valued at approximately $35,000. Hedge funds and other institutional investors own 96.74% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ALIT shares. Citigroup reiterated a "neutral" rating and issued a $16.00 target price (down from $20.00) on shares of Alight in a research note on Thursday, August 20th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Alight in a report on Tuesday, August 4th. Needham & Company LLC reiterated a "hold" rating on shares of Alight in a research report on Thursday, August 20th. Finally, DA Davidson increased their target price on shares of Alight from $2.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $52.33.

Alight Trading Up 2.9%

Shares of ALIT stock opened at $12.24 on Friday. Alight, Inc. has a 1-year low of $9.58 and a 1-year high of $70.00. The company has a market cap of $329.80 million, a price-to-earnings ratio of -0.16, a PEG ratio of 0.25 and a beta of 1.56. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a 50 day simple moving average of $15.95 and a 200-day simple moving average of $14.97.

Alight (NYSE:ALIT - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.91 earnings per share (EPS) for the quarter, beating 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, equities research analysts expect that Alight, Inc. will post 4.12 EPS for the current fiscal year.

Alight 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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