Alight (NYSE:ALIT) Price Target Lowered to $5.00 at Wedbush

Alight (NYSE:ALIT) had its price target reduced by stock analysts at Wedbush from $7.00 to $5.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s target price would indicate a potential upside of 99.20% from the stock’s current price.

A number of other equities analysts have also commented on the stock. UBS Group decreased their price target on shares of Alight from $10.00 to $6.50 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Needham & Company LLC reduced their target price on shares of Alight from $8.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alight in a report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Alight presently has a consensus rating of “Moderate Buy” and an average price target of $8.42.

Alight Price Performance

Shares of NYSE:ALIT opened at $2.51 on Thursday. The company’s fifty day moving average price is $3.28 and its 200-day moving average price is $4.53. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -1.14 and a beta of 1.02. Alight has a one year low of $2.39 and a one year high of $8.93. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.16 and a quick ratio of 1.16.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.10 EPS for the quarter, hitting analysts’ consensus estimates of $0.10. The firm had revenue of $528.00 million for the quarter, compared to analyst estimates of $525.26 million. Alight had a negative net margin of 50.37% and a positive return on equity of 6.26%. The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.05 EPS. On average, equities research analysts anticipate that Alight will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alight

Several institutional investors and hedge funds have recently modified their holdings of ALIT. Strs Ohio purchased a new stake in shares of Alight in the 1st quarter worth about $25,000. EverSource Wealth Advisors LLC lifted its position in shares of Alight by 152.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,201 shares of the company’s stock worth $29,000 after purchasing an additional 3,138 shares during the period. CWM LLC lifted its position in shares of Alight by 364.8% in the 1st quarter. CWM LLC now owns 5,104 shares of the company’s stock worth $30,000 after purchasing an additional 4,006 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in shares of Alight by 82.8% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 5,184 shares of the company’s stock worth $31,000 after purchasing an additional 2,348 shares during the period. Finally, Evergreen Capital Management LLC purchased a new stake in shares of Alight in the 3rd quarter worth about $35,000. 96.74% of the stock is owned by hedge funds and other institutional investors.

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.