Alight (NYSE:ALIT) Announces Quarterly Earnings Results

by · The Cerbat Gem

Alight (NYSE:ALIT – Get Free Report) released its quarterly earnings results on Tuesday. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03, FiscalAI reports. The firm had revenue of $534.00 million during the quarter, compared to analyst estimates of $502.74 million. Alight had a negative net margin of 137.50% and a positive return on equity of 11.41%.

Alight Trading Down 6.3%

Shares of NYSE:ALIT traded down $0.06 on Thursday, reaching $0.88. 6,779,006 shares of the company traded hands, compared to its average volume of 27,432,840. The stock has a market capitalization of $468.76 million, a P/E ratio of -0.15, a price-to-earnings-growth ratio of 0.27 and a beta of 1.56. The business’s 50-day simple moving average is $0.71 and its 200 day simple moving average is $1.54. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.90. Alight has a 52 week low of $0.48 and a 52 week high of $6.11.

Wall Street Analysts Forecast Growth

ALIT has been the subject of several recent analyst reports. Citigroup cut Alight from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $6.50 to $1.00 in a research report on Friday, February 20th. Wall Street Zen upgraded shares of Alight from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alight in a report on Monday, April 20th. Bank of America assumed coverage on Alight in a research report on Tuesday, February 17th. They set an “underperform” rating and a $1.40 price target on the stock. Finally, DA Davidson dropped their target price on Alight from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $3.56.

Read Our Latest Stock Report on Alight

Key Stories Impacting Alight

Here are the key news stories impacting Alight this week:

Insider Transactions at Alight

In related news, CEO Rohit Verma purchased 112,000 shares of Alight stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average cost of $0.89 per share, for a total transaction of $99,680.00. Following the transaction, the chief executive officer directly owned 1,134,883 shares in the company, valued at $1,010,045.87. The trade was a 10.95% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders purchased 242,000 shares of company stock worth $201,280. 1.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in Alight by 1.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 25,937,324 shares of the company’s stock valued at $84,558,000 after buying an additional 348,285 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Alight by 87.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 24,777,535 shares of the company’s stock valued at $48,316,000 after acquiring an additional 11,534,921 shares during the last quarter. Rubric Capital Management LP boosted its holdings in shares of Alight by 10.8% during the second quarter. Rubric Capital Management LP now owns 19,626,953 shares of the company’s stock worth $111,089,000 after purchasing an additional 1,906,140 shares during the period. Cooper Creek Partners Management LLC grew its stake in shares of Alight by 6.6% in the third quarter. Cooper Creek Partners Management LLC now owns 19,168,119 shares of the company’s stock worth $62,488,000 after purchasing an additional 1,187,092 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in Alight by 289.1% during the 3rd quarter. Wellington Management Group LLP now owns 13,909,404 shares of the company’s stock valued at $45,345,000 after purchasing an additional 10,334,915 shares during the period. Institutional investors own 96.74% of the company’s stock.

Alight Company Profile

(Get Free Report)

Alight, Inc (NYSE: ALIT) is a leading provider of cloud-based human capital and financial solutions designed to help organizations and their employees navigate critical life and work events. The company offers a comprehensive suite of services, including payroll administration, benefits enrollment and management, workforce and analytics solutions, health and welfare support, and financial wellness programs. By integrating advanced technology with expert advisory services, Alight aims to simplify the administration of human resources and benefits functions, improve employee engagement and productivity, and drive cost efficiencies for its clients.

Alight’s core platform leverages cloud architecture and automation to deliver scalable and secure solutions that address the needs of mid-sized and large enterprises.

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