Alight (NYSE:ALIT) Shares Up 2,237.1% – Should You Buy?

Alight, Inc. (NYSE:ALIT) shot up 2,237.1% on Wednesday . The stock traded as high as $13.25 and last traded at $13.0880. 156,647 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,618,373 shares. The stock had previously closed at $0.56.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ALIT. DA Davidson increased their price objective on Alight to $40.00 and gave the stock a “buy” rating in a report on Thursday. Wall Street Zen raised shares of Alight from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Weiss Ratings lowered shares of Alight from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $62.57.

Alight Price Performance

The firm has a market capitalization of $375.67 million, a P/E ratio of -0.12, a price-to-earnings-growth ratio of 0.21 and a beta of 1.67. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.42 and a current ratio of 1.42. The business has a 50 day simple moving average of $14.55 and a two-hundred day simple moving average of $20.91.

Institutional Investors Weigh In On Alight

A number of institutional investors and hedge funds have recently bought and sold shares of ALIT. Corsair Capital Management L.P. bought a new position in Alight in the fourth quarter valued at $24,701,000. Goldman Sachs Group Inc. boosted its holdings in shares of Alight by 87.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 24,777,535 shares of the company’s stock worth $48,316,000 after purchasing an additional 11,534,921 shares in the last quarter. Wellington Management Group LLP increased its position in shares of 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 purchasing an additional 10,334,915 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Alight by 13,050.9% during the 3rd quarter. Millennium Management LLC now owns 6,964,185 shares of the company’s stock valued at $22,703,000 after buying an additional 6,911,229 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Alight by 45,846.2% in the 1st quarter. Renaissance Technologies LLC now owns 6,018,948 shares of the company’s stock worth $3,507,000 after buying an additional 6,005,848 shares during the last quarter. 96.74% of the stock is owned by hedge funds and other institutional investors.

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.