Alight (NYSE:ALIT) Receives Buy Rating from Needham & Company LLC

Alight (NYSE:ALIT)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $9.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 30.34% from the stock’s previous close.

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

Alight Stock Up 3.4 %

NYSE ALIT opened at $6.91 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.30 and a current ratio of 1.30. The firm has a 50-day simple moving average of $6.81 and a 200 day simple moving average of $7.14. Alight has a twelve month low of $6.15 and a twelve month high of $10.38. The stock has a market cap of $3.75 billion, a PE ratio of -14.39 and a beta of 0.94.

Alight (NYSE:ALIT) last released its earnings results on Thursday, February 20th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.04). Alight had a negative net margin of 7.95% and a positive return on equity of 5.61%. On average, research analysts forecast that Alight will post 0.47 EPS for the current year.

Insider Buying and Selling at Alight

In other news, President Gregory R. Goff sold 250,000 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $8.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the president now directly owns 852,694 shares in the company, valued at $6,821,552. This represents a 22.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 5.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. boosted its stake in Alight by 107.6% during the fourth quarter. Blue Trust Inc. now owns 3,336 shares of the company’s stock worth $25,000 after acquiring an additional 1,729 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Alight by 65.5% in the third quarter. Public Employees Retirement System of Ohio now owns 5,042 shares of the company’s stock valued at $37,000 after purchasing an additional 1,996 shares during the last quarter. KBC Group NV raised its holdings in shares of Alight by 24.0% in the third quarter. KBC Group NV now owns 12,049 shares of the company’s stock valued at $89,000 after purchasing an additional 2,331 shares during the last quarter. Cornerstone Investment Partners LLC increased its holdings in Alight by 3.6% during the fourth quarter. Cornerstone Investment Partners LLC now owns 67,673 shares of the company’s stock worth $468,000 after buying an additional 2,356 shares during the last quarter. Finally, Xponance Inc. increased its stake in shares of Alight by 8.8% in the fourth quarter. Xponance Inc. now owns 30,229 shares of the company’s stock worth $209,000 after purchasing an additional 2,437 shares in 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.