Needham & Company LLC Forecasts Strong Price Appreciation for Alight (NYSE:ALIT) Stock

Alight (NYSE:ALIT) had its price target lifted by Needham & Company LLC from $9.00 to $11.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the company. Wedbush decreased their price target on Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Citigroup decreased their target price on Alight from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. lowered Alight from an “overweight” rating to a “neutral” rating and set a $8.00 target price on the stock. in a report on Tuesday, August 20th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.95.

Alight Price Performance

Shares of NYSE ALIT opened at $7.73 on Wednesday. The stock has a market cap of $4.22 billion, a P/E ratio of -16.10 and a beta of 0.87. The firm’s 50-day simple moving average is $7.28 and its 200 day simple moving average is $7.40. Alight has a fifty-two week low of $6.15 and a fifty-two week high of $10.38. The company has a quick ratio of 1.37, a current ratio of 1.30 and a debt-to-equity ratio of 0.46.

Alight (NYSE:ALIT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.09 EPS for the quarter, hitting analysts’ consensus estimates of $0.09. The company had revenue of $555.00 million for 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%. Alight’s revenue was down .4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 EPS. Equities analysts expect that Alight will post 0.42 EPS for the current year.

Alight Dividend Announcement

The business also recently declared a — dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.04 dividend. The ex-dividend date of this dividend is Monday, December 2nd.

Insider Buying and Selling at Alight

In other Alight news, Director William P. Foley II sold 5,000,000 shares of Alight 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 transaction, the director now directly owns 883,323 shares in the company, valued at approximately $7,287,414.75. The trade was a 84.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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. Public Employees Retirement System of Ohio boosted its position in Alight by 65.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 5,042 shares of the company’s stock worth $37,000 after acquiring an additional 1,996 shares during the period. Ingalls & Snyder LLC lifted its position in shares of Alight by 20.9% in the second quarter. Ingalls & Snyder LLC now owns 12,919 shares of the company’s stock worth $95,000 after purchasing an additional 2,235 shares in the last quarter. Amalgamated Bank boosted its holdings in shares of Alight by 16.2% during the second quarter. Amalgamated Bank now owns 16,434 shares of the company’s stock worth $121,000 after purchasing an additional 2,289 shares during the period. KBC Group NV grew its position in Alight by 24.0% during 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 in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Alight by 65.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock valued at $55,000 after buying an additional 2,961 shares during the period. 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.