Needham & Company LLC Reiterates "Buy" Rating for Alight (NYSE:ALIT)

Alight (NYSE:ALIT - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They presently have a $8.00 target price on the stock. Needham & Company LLC's price objective indicates a potential upside of 52.85% from the company's current price.

A number of other research firms also recently weighed in on ALIT. Wedbush cut their price target on shares of Alight from $11.00 to $9.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. DA Davidson restated a "buy" rating and issued a $10.00 price target on shares of Alight in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Alight presently has an average rating of "Moderate Buy" and a consensus target price of $9.81.

Alight Price Performance

Shares of ALIT stock opened at $5.23 on Friday. The firm's 50 day moving average is $5.35 and its 200-day moving average is $6.14. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of -37.38 and a beta of 1.00. Alight has a 1 year low of $4.49 and a 1 year high of $8.93.

Alight (NYSE:ALIT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). Alight had a positive return on equity of 5.74% and a negative net margin of 2.65%. The business had revenue of $548.00 million for the quarter, compared to analyst estimates of $542.66 million. During the same period in the previous year, the business posted $0.13 EPS. The business's quarterly revenue was down 2.0% compared to the same quarter last year. Sell-side analysts forecast that Alight will post 0.54 EPS for the current fiscal year.

Insider Buying and Selling at Alight

In other Alight news, Director David D. Guilmette purchased 50,000 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were bought at an average price of $5.69 per share, for a total transaction of $284,500.00. Following the purchase, the director now owns 600,750 shares in the company, valued at approximately $3,418,267.50. This trade represents a 9.08% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.93% of the company's stock.

Institutional Investors Weigh In On Alight

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Northern Trust Corp increased its holdings in Alight by 5.7% in the 4th quarter. Northern Trust Corp now owns 4,107,761 shares of the company's stock worth $28,426,000 after purchasing an additional 222,725 shares in the last quarter. Starboard Value LP grew its holdings in shares of Alight by 8.8% during the fourth quarter. Starboard Value LP now owns 47,228,000 shares of the company's stock worth $326,818,000 after purchasing an additional 3,833,000 shares during the last quarter. EVR Research LP increased its stake in shares of Alight by 16.9% in the fourth quarter. EVR Research LP now owns 2,280,000 shares of the company's stock valued at $15,778,000 after buying an additional 330,000 shares during the period. US Bancorp DE raised its holdings in Alight by 17.5% in the 4th quarter. US Bancorp DE now owns 23,980 shares of the company's stock valued at $166,000 after buying an additional 3,576 shares during the last quarter. Finally, Sculptor Capital LP acquired a new stake in Alight during the 4th quarter worth approximately $1,730,000. 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.

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