Alight (NYSE:ALIT) Shares Gap Up – Still a Buy?

Alight, Inc. (NYSE:ALIT) gapped up before the market opened on Monday . The stock had previously closed at $16.98, but opened at $17.84. Alight shares last traded at $18.9380, with a volume of 68,100 shares traded.

Wall Street Analysts Forecast Growth

ALIT has been the subject of a number of analyst reports. DA Davidson increased their target price on Alight from $2.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Weiss Ratings lowered Alight from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, May 7th. Finally, Wall Street Zen upgraded Alight from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $62.57.

Alight Stock Down 11.7%

The company has a debt-to-equity ratio of 1.92, a current ratio of 1.42 and a quick ratio of 1.42. The company has a market capitalization of $463.18 million, a price-to-earnings ratio of -0.15, a price-to-earnings-growth ratio of 0.41 and a beta of 1.61. The firm’s 50-day simple moving average is $16.11 and its two-hundred day simple moving average is $17.92.

Alight (NYSE:ALIT) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.76 by $0.15. The business had revenue of $511.00 million for the quarter, compared to analyst estimates of $497.02 million. Alight had a positive return on equity of 13.04% and a negative net margin of 137.50%. Sell-side analysts predict that Alight, Inc. will post 4.12 EPS for the current fiscal year.

Institutional Trading of Alight

Large investors have recently bought and sold shares of the company. Corsair Capital Management L.P. acquired a new position in shares of Alight during the 4th quarter worth $24,701,000. Goldman Sachs Group Inc. grew its stake in Alight by 87.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 24,777,535 shares of the company’s stock valued at $48,316,000 after acquiring an additional 11,534,921 shares during the last quarter. Wellington Management Group LLP increased its holdings in Alight by 289.1% during the 3rd quarter. Wellington Management Group LLP now owns 13,909,404 shares of the company’s stock valued at $45,345,000 after acquiring an additional 10,334,915 shares in the last quarter. Millennium Management LLC raised its position in Alight by 13,050.9% during the third quarter. Millennium Management LLC now owns 6,964,185 shares of the company’s stock worth $22,703,000 after acquiring an additional 6,911,229 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Alight by 45,846.2% during the first quarter. Renaissance Technologies LLC now owns 6,018,948 shares of the company’s stock worth $3,507,000 after acquiring an additional 6,005,848 shares during the last quarter. Institutional investors and hedge funds own 96.74% of the company’s stock.

Alight Company Profile

Alight, Inc (NYSE: ALIT) is a leading provider of cloud-based human capital and financial solutions designed to help organizations and their employees navigate critical life and work events. The company offers a comprehensive suite of services, including payroll administration, benefits enrollment and management, workforce and analytics solutions, health and welfare support, and financial wellness programs. By integrating advanced technology with expert advisory services, Alight aims to simplify the administration of human resources and benefits functions, improve employee engagement and productivity, and drive cost efficiencies for its clients.

Alight’s core platform leverages cloud architecture and automation to deliver scalable and secure solutions that address the needs of mid-sized and large enterprises.