Needham & Company LLC Issues Pessimistic Forecast for Alight (NYSE:ALIT) Stock Price

Alight (NYSE:ALIT) had its target price trimmed by Needham & Company LLC from $11.00 to $9.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also commented on ALIT. KeyCorp upped their target price on Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group raised their price objective on shares of Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One investment 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.com, Alight has a consensus rating of “Moderate Buy” and an average price target of $10.61.

Alight Stock Performance

ALIT opened at $6.63 on Thursday. The firm has a market capitalization of $3.60 billion, a P/E ratio of -13.81 and a beta of 0.95. Alight has a 12-month low of $6.15 and a 12-month high of $10.38. The stock’s 50 day moving average price is $7.34 and its two-hundred day moving average price is $7.24. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46.

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

Alight Dividend Announcement

The company also recently disclosed a — dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Monday, December 2nd.

Insider Activity

In other Alight news, Director William P. Foley II sold 5,000,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at $7,287,414.75. This represents a 84.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Gregory R. Goff sold 250,000 shares of the firm’s stock in a transaction dated 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 owns 852,694 shares of the company’s stock, valued at $6,821,552. The trade was a 22.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,334,929 shares of company stock worth $43,895,460. Insiders own 5.33% of the company’s stock.

Institutional Investors Weigh In On Alight

Several hedge funds and other institutional investors have recently made changes to their positions in ALIT. Public Employees Retirement System of Ohio boosted its holdings in 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 acquiring an additional 1,996 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in Alight during the 3rd quarter valued at about $74,000. Nisa Investment Advisors LLC boosted its stake in shares of Alight by 54.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 11,547 shares of the company’s stock valued at $85,000 after purchasing an additional 4,049 shares during the last quarter. Soros Fund Management LLC acquired a new stake in shares of Alight during the 3rd quarter worth approximately $89,000. Finally, FMR LLC raised its stake in shares of Alight by 44.4% during the third quarter. FMR LLC now owns 11,995 shares of the company’s stock worth $89,000 after buying an additional 3,689 shares during the last quarter. 96.74% of the stock is owned by institutional investors and hedge funds.

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.