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Alight (NYSE:ALIT) Receives Buy Rating from Needham & Company LLC

Alight logo with Computer and Technology background

Needham & Company LLC reissued their buy rating on shares of Alight (NYSE:ALIT - Free Report) in a report released on Friday morning,Benzinga reports. They currently have a $8.00 target price on the stock.

Other research analysts have also issued research reports about the stock. 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 note on Friday, May 9th. DA Davidson reaffirmed a "buy" rating and issued a $10.00 price target on shares of Alight in a research note on Wednesday, March 26th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $9.81.

Read Our Latest Stock Report on ALIT

Alight Trading Down 0.4%

NYSE ALIT traded down $0.02 during trading on Friday, reaching $5.38. 7,143,371 shares of the stock traded hands, compared to its average volume of 6,519,364. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of -38.43 and a beta of 1.00. The stock's 50-day moving average price is $5.36 and its 200 day moving average price is $6.09. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. Alight has a fifty-two week low of $4.49 and a fifty-two week 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). Alight had a negative net margin of 2.65% and a positive return on equity of 5.74%. The firm had revenue of $548.00 million for the quarter, compared to analyst estimates of $542.66 million. During the same quarter in the prior year, the firm posted $0.13 EPS. The firm's revenue for the quarter was down 2.0% compared to the same quarter last year. Analysts predict that Alight will post 0.54 EPS for the current year.

Alight Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Monday, June 2nd. Alight's dividend payout ratio is presently -114.29%.

Insider Transactions at Alight

In other Alight news, Director David D. Guilmette acquired 50,000 shares of the business's stock in a transaction dated Tuesday, May 20th. The shares were acquired at an average price of $5.69 per share, with a total value of $284,500.00. Following the completion of the transaction, the director now directly owns 600,750 shares in the company, valued at $3,418,267.50. This trade represents a 9.08% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.93% of the stock is currently owned by insiders.

Institutional Trading of Alight

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Starboard Value LP raised its position in 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 acquiring an additional 3,833,000 shares in the last quarter. Vanguard Group Inc. raised its position in Alight by 3.8% during the first quarter. Vanguard Group Inc. now owns 42,429,297 shares of the company's stock worth $251,606,000 after acquiring an additional 1,548,078 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Alight by 8.5% during the first quarter. Dimensional Fund Advisors LP now owns 24,649,733 shares of the company's stock worth $146,173,000 after acquiring an additional 1,930,440 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its position in Alight by 13.6% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company's stock worth $168,130,000 after acquiring an additional 2,901,108 shares in the last quarter. Finally, Cooper Creek Partners Management LLC raised its position in Alight by 23.1% during the fourth quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company's stock worth $122,514,000 after acquiring an additional 3,322,705 shares in the last quarter. 96.74% of the stock is owned by institutional investors.

Alight Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Alight (NYSE:ALIT)

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