Redwood Investment Management LLC Sells 23,351 Shares of Alight, Inc. (NYSE:ALIT)

Redwood Investment Management LLC trimmed its holdings in shares of Alight, Inc. (NYSE:ALIT) by 6.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 345,771 shares of the company’s stock after selling 23,351 shares during the quarter. Redwood Investment Management LLC’s holdings in Alight were worth $2,393,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of ALIT. Norges Bank acquired a new position in shares of Alight in the fourth quarter valued at approximately $35,045,000. Cooper Creek Partners Management LLC lifted its position in Alight by 23.1% in the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock valued at $122,514,000 after acquiring an additional 3,322,705 shares in the last quarter. American Century Companies Inc. boosted its stake in Alight by 214.0% in the 4th quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock worth $31,839,000 after purchasing an additional 3,135,846 shares during the period. J. Goldman & Co LP increased its holdings in Alight by 105.3% during the 4th quarter. J. Goldman & Co LP now owns 5,774,590 shares of the company’s stock worth $39,960,000 after purchasing an additional 2,961,443 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC increased its holdings in Alight by 13.6% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company’s stock worth $168,130,000 after purchasing an additional 2,901,108 shares in the last quarter. 96.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ALIT. Needham & Company LLC restated a “buy” rating and issued a $9.00 price target on shares of Alight in a report on Monday, March 24th. Wedbush cut their target price on Alight from $11.00 to $9.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. Finally, DA Davidson reaffirmed a “buy” rating and set a $10.00 price target on shares of Alight in a research report on Wednesday, March 26th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.94.

Alight Price Performance

NYSE:ALIT opened at $5.85 on Thursday. The stock has a market capitalization of $3.18 billion, a PE ratio of -19.50 and a beta of 0.99. Alight, Inc. has a 1-year low of $4.49 and a 1-year high of $8.93. The firm has a fifty day simple moving average of $5.51 and a 200 day simple moving average of $6.53. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.46.

Alight (NYSE:ALIT) last issued its earnings results on Thursday, May 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). The firm had revenue of $548.00 million during the quarter, compared to analyst estimates of $542.66 million. Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the business posted $0.13 earnings per share. On average, research analysts expect that Alight, Inc. will post 0.54 EPS for the current fiscal year.

Alight Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Monday, June 2nd. Alight’s payout ratio is presently -114.29%.

Insider Activity at Alight

In other news, Director Richard N. Massey acquired 100,000 shares of Alight stock in a transaction dated Monday, March 10th. The stock was 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 directly owns 1,573,489 shares in the company, valued at approximately $10,054,594.71. The trade was a 6.79% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert A. Schriesheim bought 22,092 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was purchased at an average cost of $6.79 per share, for a total transaction of $150,004.68. Following the transaction, the director now directly owns 22,092 shares of the company’s stock, valued at $150,004.68. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 125,092 shares of company stock worth $807,755. Company insiders own 5.33% of the company’s stock.

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.