Alight (NYSE:ALIT) Hits New 52-Week Low – Here’s Why

Alight, Inc. (NYSE:ALIT) hit a new 52-week low during trading on Tuesday . The stock traded as low as $2.69 and last traded at $2.7450, with a volume of 10532164 shares. The stock had previously closed at $2.88.

Analyst Ratings Changes

ALIT has been the topic of several recent analyst reports. Needham & Company LLC lowered their price target on Alight from $8.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alight in a report on Wednesday, October 8th. Wedbush lowered their price target on Alight from $9.00 to $7.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. Finally, UBS Group lowered their price target on Alight from $10.00 to $6.50 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Alight has an average rating of “Moderate Buy” and a consensus target price of $8.75.

Alight Price Performance

The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $1.35 billion, a P/E ratio of -1.14 and a beta of 1.02. The firm has a 50-day moving average price of $3.28 and a 200 day moving average price of $4.53.

Alight (NYSE:ALIT) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.10 EPS for the quarter, meeting the consensus estimate 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 positive return on equity of 6.26% and a negative net margin of 50.37%.The company’s revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.05 EPS. On average, analysts expect that Alight, Inc. will post 0.54 EPS for the current year.

Alight Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a dividend of $0.04 per share. The ex-dividend date is Monday, December 1st. This represents a $0.16 annualized dividend and a dividend yield of 6.4%. Alight’s dividend payout ratio is -7.24%.

Hedge Funds Weigh In On Alight

Several institutional investors have recently modified their holdings of the company. Strs Ohio bought a new position in Alight during the 1st quarter worth approximately $25,000. EverSource Wealth Advisors LLC grew its position in Alight by 152.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,201 shares of the company’s stock worth $29,000 after acquiring an additional 3,138 shares during the last quarter. CWM LLC grew its position in Alight by 364.8% during the 1st quarter. CWM LLC now owns 5,104 shares of the company’s stock worth $30,000 after acquiring an additional 4,006 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in Alight by 82.8% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 5,184 shares of the company’s stock worth $31,000 after acquiring an additional 2,348 shares during the last quarter. Finally, Evergreen Capital Management LLC bought a new position in Alight during the 3rd quarter worth approximately $35,000. 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.