Needham & Company LLC Lowers Alight (NYSE:ALIT) Price Target to $9.00

Alight (NYSE:ALIT) had its price target dropped by Needham & Company LLC from $11.00 to $9.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 35.75% from the company’s previous close.

A number of other research analysts have also commented on ALIT. Canaccord Genuity Group raised their price target on Alight from $11.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. KeyCorp raised their target price on shares of Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.61.

Alight Price Performance

Shares of NYSE:ALIT opened at $6.63 on Thursday. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. The firm has a 50-day simple moving average of $7.34 and a 200 day simple moving average of $7.25. Alight has a fifty-two week low of $6.15 and a fifty-two week high of $10.38. The company has a market cap of $3.60 billion, a PE ratio of -13.81 and a beta of 0.95.

Alight (NYSE:ALIT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.09. The company had revenue of $555.00 million during the quarter, compared to the consensus estimate of $538.39 million. Alight had a negative net margin of 7.95% and a positive return on equity of 5.61%. The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 earnings per share. On average, sell-side analysts anticipate that Alight will post 0.47 EPS for the current year.

Insider Transactions at Alight

In other news, insider Gregory A. George sold 84,929 shares of Alight stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $7.60, for a total value of $645,460.40. Following the transaction, the insider now directly owns 223,327 shares of the company’s stock, valued at $1,697,285.20. This trade represents a 27.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William P. Foley II sold 5,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $8.25, for a total transaction of $41,250,000.00. Following the sale, the director now owns 883,323 shares in the company, valued at $7,287,414.75. This represents a 84.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,334,929 shares of company stock valued at $43,895,460 in the last quarter. Insiders own 5.33% of the company’s stock.

Institutional Trading of Alight

Several hedge funds and other institutional investors have recently modified their holdings of ALIT. Rhumbline Advisers grew its position in Alight by 13.9% during the second quarter. Rhumbline Advisers now owns 757,020 shares of the company’s stock valued at $5,587,000 after purchasing an additional 92,235 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Alight by 8.1% during the 2nd quarter. Arizona State Retirement System now owns 107,340 shares of the company’s stock valued at $792,000 after acquiring an additional 8,043 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Alight in the second quarter worth $251,000. American Century Companies Inc. purchased a new stake in shares of Alight during the second quarter worth $174,000. Finally, Qsemble Capital Management LP boosted its position in Alight by 26.2% during the second quarter. Qsemble Capital Management LP now owns 88,053 shares of the company’s stock valued at $650,000 after purchasing an additional 18,294 shares during the last quarter. 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.