Needham & Company LLC Lowers Alight (NYSE:ALIT) Price Target to $6.00

Key Points

• Needham & Company LLC has lowered Alight's price target from $8.00 to $6.00, while maintaining a "buy" rating, indicating a potential upside of 42.86% from the current share price.
• Wedbush has also reduced its target price for Alight, decreasing it from $11.00 to $9.00, with an "outperform" rating, contributing to a consensus average price target of $9.57.
• Alight's recent quarterly earnings met analyst expectations with an EPS of $0.10, though the company reported a 1.9% decline in revenue year-over-year.

Alight (NYSE:ALIT - Get Free Report) had its price objective cut by stock analysts at Needham & Company LLC from $8.00 to $6.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 57.07% from the company's current price.

Separately, Wedbush decreased their price target on Alight from $11.00 to $9.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $8.94.

Alight Stock Down 4.3%

Shares of Alight stock traded down $0.17 on Wednesday, hitting $3.82. The company had a trading volume of 16,804,401 shares, compared to its average volume of 7,559,512. The firm has a market capitalization of $2.06 billion, a P/E ratio of -1.73 and a beta of 1.00. Alight has a twelve month low of $3.80 and a twelve month high of $8.93. The stock has a 50-day moving average of $5.42 and a 200-day moving average of $5.75. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.16 and a quick ratio of 1.18.

Alight (NYSE:ALIT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.10 EPS for the quarter, meeting analysts' consensus estimates of $0.10. Alight had a positive return on equity of 6.26% and a negative net margin of 50.37%. The company had revenue of $528.00 million for the quarter, compared to analyst estimates of $525.26 million. During the same period in the previous year, the company posted $0.05 earnings per share. The company's quarterly revenue was down 1.9% compared to the same quarter last year. Research analysts predict that Alight will post 0.54 earnings per share for the current year.

Insider Activity at Alight

In other news, Director David D. Guilmette purchased 50,000 shares of the stock in a transaction on Tuesday, May 20th. The stock was purchased at an average price of $5.69 per share, for a total transaction of $284,500.00. Following the acquisition, the director owned 600,750 shares in the company, valued at $3,418,267.50. This trade represents a 9.08% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased 55,216 shares of company stock valued at $307,636 over the last quarter. 1.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ALIT. Strs Ohio acquired a new position in Alight in the first quarter valued at approximately $25,000. CWM LLC grew its stake in shares of Alight by 364.8% in the 1st quarter. CWM LLC now owns 5,104 shares of the company's stock valued at $30,000 after buying an additional 4,006 shares during the period. Caitong International Asset Management Co. Ltd increased its position in Alight by 82.8% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 5,184 shares of the company's stock valued at $31,000 after buying an additional 2,348 shares in the last quarter. GAMMA Investing LLC raised its stake in Alight by 5,505.8% during the 1st quarter. GAMMA Investing LLC now owns 7,792 shares of the company's stock worth $46,000 after buying an additional 7,653 shares during the period. Finally, Public Employees Retirement System of Ohio grew its stake in Alight by 40.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 7,101 shares of the company's stock valued at $49,000 after acquiring an additional 2,059 shares during the period. 96.74% of the stock is owned by institutional investors.

Alight Company Profile

Alight, Inc provides cloud-based integrated digital human capital and business solutions worldwide. The company operates through two segments, Employer Solutions and Professional Services. The Employer Solutions segment offers employee wellbeing, integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management, retiree healthcare and payroll; and operates AI-led capabilities software.