Alight (NYSE:ALIT) Trading Down 1.3% – Here’s What Happened
by Sarita Garza · The Markets DailyAlight, Inc. (NYSE:ALIT – Get Free Report)’s share price was down 1.3% during trading on Friday . The company traded as low as $11.84 and last traded at $11.8970. Approximately 370,160 shares traded hands during mid-day trading, a decline of 9% from the average session volume of 408,448 shares. The stock had previously closed at $12.05.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Alight in a research report on Thursday, August 20th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alight in a report on Tuesday, August 4th. Citigroup reiterated a “neutral” rating and issued a $16.00 price target (down from $20.00) on shares of Alight in a research note on Thursday, August 20th. Finally, DA Davidson increased their price objective on shares of Alight from $2.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Alight has a consensus rating of “Hold” and an average price target of $52.33.
Read Our Latest Stock Analysis on Alight
Alight Stock Down 1.3%
The company has a fifty day simple moving average of $16.46 and a 200-day simple moving average of $15.09. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.93. The firm has a market cap of $320.51 million, a P/E ratio of -0.15, a price-to-earnings-growth ratio of 0.25 and a beta of 1.56.
Alight (NYSE:ALIT – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.76 by $0.15. Alight had a positive return on equity of 16.05% and a negative net margin of 90.90%.The firm had revenue of $511.00 million for the quarter, compared to the consensus estimate of $497.02 million. On average, equities analysts anticipate that Alight, Inc. will post 4.12 earnings per share for the current year.
Institutional Investors Weigh In On Alight
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALIT. Vanguard Group Inc. lifted its holdings in Alight by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 43,783,776 shares of the company’s stock valued at $85,378,000 after purchasing an additional 1,205,027 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Alight by 1.4% in the third quarter. Dimensional Fund Advisors LP now owns 25,937,324 shares of the company’s stock worth $84,558,000 after purchasing an additional 348,285 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Alight by 87.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 24,777,535 shares of the company’s stock valued at $48,316,000 after purchasing an additional 11,534,921 shares during the period. Rubric Capital Management LP raised its position in shares of Alight by 10.8% during the 2nd quarter. Rubric Capital Management LP now owns 19,626,953 shares of the company’s stock valued at $111,089,000 after purchasing an additional 1,906,140 shares during the period. Finally, Cooper Creek Partners Management LLC raised its position in shares of Alight by 6.6% during the 3rd quarter. Cooper Creek Partners Management LLC now owns 19,168,119 shares of the company’s stock valued at $62,488,000 after purchasing an additional 1,187,092 shares during the period. Institutional investors own 96.74% of the company’s stock.
About Alight
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.