Alight (NYSE:ALIT) Shares Gap Down – Should You Sell?

Alight, Inc. (NYSE:ALIT) shares gapped down prior to trading on Wednesday . The stock had previously closed at $7.90, but opened at $7.56. Alight shares last traded at $7.21, with a volume of 2,403,600 shares traded.

Analyst Ratings Changes

Several research analysts have recently commented on ALIT shares. JPMorgan Chase & Co. downgraded 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. Wedbush reduced their target price on Alight from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Citigroup reduced their target price on Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Canaccord Genuity Group upped their price objective on Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, KeyCorp upped their price objective on Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.95.

Alight Stock Down 4.9 %

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’s 50-day simple moving average is $7.44 and its 200 day simple moving average is $7.36. The company has a market cap of $4.08 billion, a P/E ratio of -15.42 and a beta of 0.92.

Alight (NYSE:ALIT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.09 EPS for the quarter, meeting analysts’ consensus estimates of $0.09. Alight had a negative net margin of 7.95% and a positive return on equity of 5.61%. The business had revenue of $555.00 million during the quarter, compared to analysts’ expectations of $538.39 million. During the same quarter in the prior year, the company earned $0.07 EPS. The firm’s quarterly revenue was down .4% on a year-over-year basis. On average, research analysts forecast that Alight, Inc. will post 0.47 earnings per share for the current fiscal year.

Alight Dividend Announcement

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

Insider Activity at Alight

In other Alight news, President Gregory R. Goff sold 250,000 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $8.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the president now owns 852,694 shares in the company, valued at approximately $6,821,552. This represents a 22.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William P. Foley II sold 5,000,000 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total value of $41,250,000.00. Following the transaction, the director now owns 883,323 shares of the company’s stock, valued at approximately $7,287,414.75. This trade represents a 84.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,334,929 shares of company stock worth $43,895,460 in the last quarter. Corporate insiders own 5.33% of the company’s stock.

Hedge Funds Weigh In On Alight

A number of large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of Alight by 18.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 21,066,092 shares of the company’s stock worth $155,463,000 after buying an additional 3,342,413 shares during the last quarter. State Street Corp boosted its stake in shares of Alight by 1.2% during the 3rd quarter. State Street Corp now owns 11,905,766 shares of the company’s stock worth $88,103,000 after buying an additional 141,828 shares during the last quarter. Rubric Capital Management LP boosted its stake in shares of Alight by 38.3% during the 3rd quarter. Rubric Capital Management LP now owns 11,646,679 shares of the company’s stock worth $86,185,000 after buying an additional 3,223,617 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Alight by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 10,068,446 shares of the company’s stock worth $74,521,000 after buying an additional 77,948 shares during the last quarter. Finally, River Road Asset Management LLC boosted its stake in shares of Alight by 2.9% during the 3rd quarter. River Road Asset Management LLC now owns 9,988,254 shares of the company’s stock worth $73,913,000 after buying an additional 286,133 shares during the last quarter. Institutional investors 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.