Wedbush Lowers 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 target cut by investment analysts at Wedbush from $9.00 to $7.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price objective would indicate a potential upside of 61.10% from the company's current price.

A number of other equities research analysts also recently weighed in on the stock. UBS Group dropped their price target on shares of Alight from $10.00 to $6.50 and set a "buy" rating for the company in a research report on Wednesday. Needham & Company LLC cut their price target on shares of Alight from $8.00 to $6.00 and set a "buy" rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Alight has a consensus rating of "Moderate Buy" and an average target price of $8.94.

Alight Price Performance

ALIT stock traded up $0.16 during trading hours on Wednesday, hitting $4.35. 7,574,420 shares of the stock traded hands, compared to its average volume of 7,851,097. The stock has a 50-day simple moving average of $5.51 and a 200 day simple moving average of $5.81. Alight has a one year low of $4.09 and a one year high of $8.93. The company has a market cap of $2.34 billion, a P/E ratio of -30.96 and a beta of 1.00. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.47.

Alight (NYSE:ALIT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.10. Alight had a negative net margin of 2.65% and a positive return on equity of 5.74%. The firm had revenue of $528.00 million during the quarter, compared to analysts' expectations of $525.26 million. During the same quarter in the previous year, the company earned $0.05 earnings per share. The business's revenue for the quarter was down 1.9% on a year-over-year basis. Equities analysts forecast that Alight will post 0.54 earnings per share for the current year.

Insider Buying and Selling at Alight

In other Alight news, Director David D. Guilmette purchased 50,000 shares of Alight stock in a transaction on Tuesday, May 20th. The shares were purchased 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 in the company, valued at approximately $3,418,267.50. This represents a 9.08% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alight

Several large investors have recently bought and sold shares of the stock. Starboard Value LP lifted its stake 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 purchasing an additional 3,833,000 shares during the period. Cooper Creek Partners Management LLC grew its holdings in shares of Alight by 23.1% in the fourth quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company's stock valued at $122,514,000 after acquiring an additional 3,322,705 shares in the last quarter. J. Goldman & Co LP grew its stake in Alight by 105.3% in the 4th quarter. J. Goldman & Co LP now owns 5,774,590 shares of the company's stock valued at $39,960,000 after purchasing an additional 2,961,443 shares during the period. ArrowMark Colorado Holdings LLC grew its stake in Alight by 13.6% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company's stock valued at $168,130,000 after purchasing an additional 2,901,108 shares during the period. Finally, BW Gestao de Investimentos Ltda. bought a new position in Alight in the 4th quarter valued at $19,581,000. Institutional investors and hedge funds own 96.74% of the company's stock.

About Alight

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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