Wedbush Has Lowered Expectations for Alight (NYSE:ALIT) Stock Price

Alight (NYSE:ALIT) had its price objective decreased by research analysts at Wedbush from $11.00 to $9.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price points to a potential upside of 61.29% from the stock’s current price.

ALIT has been the subject of several other reports. DA Davidson restated a “buy” rating and set a $10.00 target price on shares of Alight in a research note on Wednesday, March 26th. Needham & Company LLC restated a “buy” rating and set a $9.00 price objective on shares of Alight in a research report on Monday, March 24th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.94.

Alight Stock Performance

NYSE:ALIT opened at $5.58 on Friday. The company has a market cap of $3.03 billion, a price-to-earnings ratio of -18.60 and a beta of 0.99. Alight has a fifty-two week low of $4.49 and a fifty-two week high of $8.93. 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 stock has a fifty day moving average price of $5.54 and a 200-day moving average price of $6.55.

Alight (NYSE:ALIT) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The firm had revenue of $548.00 million for the quarter, compared to analyst estimates of $542.66 million. Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.13 earnings per share. As a group, equities analysts anticipate that Alight will post 0.54 EPS for the current fiscal year.

Insider Activity

In other Alight news, Director Richard N. Massey purchased 100,000 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $6.39 per share, for a total transaction of $639,000.00. Following the completion of the acquisition, the director now owns 1,573,489 shares in the company, valued at approximately $10,054,594.71. This trade represents a 6.79 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert A. Schriesheim acquired 22,092 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was bought at an average price of $6.79 per share, with a total value of $150,004.68. Following the completion of the acquisition, the director now directly owns 22,092 shares of the company’s stock, valued at $150,004.68. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 125,092 shares of company stock valued at $807,755. 5.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Alight

Several institutional investors have recently added to or reduced their stakes in ALIT. Starboard Value LP raised its holdings in Alight by 8.8% during the 4th quarter. Starboard Value LP now owns 47,228,000 shares of the company’s stock worth $326,818,000 after purchasing an additional 3,833,000 shares during the last quarter. Vanguard Group Inc. raised its stake in Alight by 3.8% during the first quarter. Vanguard Group Inc. now owns 42,429,297 shares of the company’s stock worth $251,606,000 after buying an additional 1,548,078 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in Alight by 13.6% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company’s stock valued at $168,130,000 after buying an additional 2,901,108 shares during the period. Dimensional Fund Advisors LP boosted its position in Alight by 5.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 22,719,293 shares of the company’s stock valued at $157,215,000 after acquiring an additional 1,153,963 shares during the last quarter. Finally, Cooper Creek Partners Management LLC grew its holdings in Alight by 23.1% during the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock worth $122,514,000 after acquiring an additional 3,322,705 shares during the period. 96.74% of the stock is currently 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.