Alight (NYSE:ALIT) Shares to Reverse Split on Tuesday, June 30th

Shares of Alight, Inc. (NYSE:ALIT) are scheduled to reverse split before the market opens on Tuesday, June 30th. The 1-20 reverse split was announced on Thursday, June 18th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, June 29th.

Alight Trading Down 3.4%

Shares of ALIT traded down $0.02 during mid-day trading on Thursday, reaching $0.57. 38,805,994 shares of the company’s stock traded hands, compared to its average volume of 27,889,953. 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 stock’s 50-day moving average is $0.74 and its two-hundred day moving average is $1.17. Alight has a 12 month low of $0.48 and a 12 month high of $6.11. The stock has a market cap of $307.34 million, a P/E ratio of -0.10, a P/E/G ratio of 0.19 and a beta of 1.60.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. Alight had a positive return on equity of 13.04% and a negative net margin of 137.50%.The firm had revenue of $534.00 million for the quarter, compared to the consensus estimate of $502.74 million. Research analysts forecast that Alight will post 0.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

ALIT has been the subject of several research analyst reports. Weiss Ratings downgraded Alight from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, May 7th. Citigroup cut shares of Alight from a “buy” rating to a “neutral” rating and cut their price target for the stock from $6.50 to $1.00 in a report on Friday, February 20th. Needham & Company LLC downgraded shares of Alight from a “buy” rating to a “hold” rating in a research note on Thursday, February 19th. Wall Street Zen upgraded shares of Alight from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. Finally, KeyCorp cut shares of Alight from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 19th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.56.

Institutional Investors Weigh In On Alight

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada grew its position in shares of Alight by 3.6% during the 1st quarter. Royal Bank of Canada now owns 159,901 shares of the company’s stock worth $948,000 after buying an additional 5,525 shares in the last quarter. AQR Capital Management LLC bought a new stake in shares of Alight in the first quarter valued at about $434,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Alight by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 249,753 shares of the company’s stock valued at $1,481,000 after acquiring an additional 10,893 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Alight by 1,776.2% in the first quarter. Jones Financial Companies Lllp now owns 11,257 shares of the company’s stock worth $67,000 after acquiring an additional 10,657 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Alight by 7.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,027,103 shares of the company’s stock worth $6,091,000 after acquiring an additional 66,771 shares during the period. 96.74% of the stock is owned by institutional investors.

About Alight

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.