Wedbush Cuts Alight (NYSE:ALIT) Price Target to $7.00

Key Points

• Wedbush has lowered Alight's price target from $9.00 to $7.00, while maintaining an "outperform" rating, indicating a potential upside of 61.10% from its current price.
• Other analysts, including UBS and Needham, have also reduced their price targets for Alight, with UBS setting a target of $6.50 and Needham at $6.00, both maintaining "buy" ratings.
• Alight reported a quarterly earnings per share (EPS) of $0.10, meeting expectations, but with revenue down 1.9% year-over-year at $528 million.

Alight (NYSE:ALIT - Get Free Report) had its price objective cut by analysts at Wedbush from $9.00 to $7.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's price target would suggest a potential upside of 83.25% from the company's previous close.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC decreased their price objective on Alight from $8.00 to $6.00 and set a "buy" rating for the company in a research note on Wednesday. UBS Group cut their price target on shares of Alight from $10.00 to $6.50 and set a "buy" rating on the stock in a research report on Wednesday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Alight has a consensus rating of "Moderate Buy" and an average price target of $8.94.

Alight Price Performance

Shares of ALIT traded down $0.17 during mid-day trading on Wednesday, hitting $3.82. 16,804,401 shares of the company traded hands, compared to its average volume of 8,169,079. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of -1.73 and a beta of 1.00. The business has a 50-day moving average of $5.42 and a 200 day moving average of $5.74. Alight has a one year low of $3.80 and a one year high of $8.93.

Alight (NYSE:ALIT - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.10 EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts' expectations of $525.26 million. During the same period last year, the firm earned $0.05 EPS. The business's revenue for the quarter was down 1.9% on a year-over-year basis. As a group, equities analysts expect that Alight will post 0.54 earnings per share for the current fiscal year.

Insider Activity at Alight

In other news, Director David D. Guilmette acquired 50,000 shares of Alight stock in a transaction dated Tuesday, May 20th. The stock was bought at an average cost of $5.69 per share, with a total value of $284,500.00. Following the completion of the transaction, the director directly owned 600,750 shares of the company's stock, valued at approximately $3,418,267.50. This represents a 9.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought 55,216 shares of company stock valued at $307,636 in the last 90 days. Insiders own 1.93% of the company's stock.

Hedge Funds Weigh In On Alight

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