DA Davidson Cuts Alight (NYSE:ALIT) Price Target to $22.00

Alight (NYSE:ALIT) had its price objective reduced by DA Davidson from $32.00 to $22.00 in a research report sent to investors on Thursday, MarketBeat reports. DA Davidson currently has a buy rating on the stock.

Several other brokerages have also recently commented on ALIT. Needham & Company LLC restated a “hold” rating on shares of Alight in a report on Thursday, August 20th. Citigroup reiterated a “neutral” rating and issued a $16.00 price target (down from $20.00) on shares of Alight in a research note on Thursday, August 20th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Alight in a research report on Tuesday, August 4th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $49.33.

Alight Trading Down 2.0%

NYSE ALIT opened at $11.05 on Thursday. The stock has a market capitalization of $297.77 million, a price-to-earnings ratio of -0.14, a PEG ratio of 0.23 and a beta of 1.56. The stock’s 50 day moving average price is $14.83 and its two-hundred day moving average price is $14.72. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.42 and a current ratio of 1.42. Alight has a 52 week low of $9.58 and a 52 week high of $67.70.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.15. Alight had a negative net margin of 90.90% and a positive return on equity of 16.05%. The company had revenue of $511.00 million during the quarter, compared to analysts’ expectations of $497.02 million. As a group, analysts anticipate that Alight will post 4.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alight

Institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC grew its holdings in Alight by 508.7% during the second quarter. Squarepoint Ops LLC now owns 1,823,646 shares of the company’s stock worth $1,021,000 after purchasing an additional 1,524,070 shares during the period. Allworth Financial LP raised its stake in Alight by 116.4% in the second quarter. Allworth Financial LP now owns 64,767 shares of the company’s stock valued at $36,000 after buying an additional 34,844 shares during the period. Corient Private Wealth LP lifted its position in shares of Alight by 984.0% in the second quarter. Corient Private Wealth LP now owns 334,980 shares of the company’s stock valued at $188,000 after buying an additional 304,079 shares during the last quarter. Angeles Wealth Management LLC lifted its position in shares of Alight by 1,948.1% in the second quarter. Angeles Wealth Management LLC now owns 315,400 shares of the company’s stock valued at $177,000 after buying an additional 300,000 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Alight by 15.3% during the 2nd quarter. Wellington Management Group LLP now owns 4,962,795 shares of the company’s stock worth $2,779,000 after acquiring an additional 656,746 shares during the period. 96.74% of the stock is currently owned by institutional investors and hedge funds.

About Alight

Alight, Inc provides cloud-based human capital and business solutions designed to help employers manage employee-related programs and administrative processes. Its offerings support areas such as payroll, human resources, employee benefits, workforce management, and employee financial and physical wellbeing.

The company’s platform and services are used by organizations to administer benefits programs, deliver employee engagement tools, manage payroll and related processes, and provide data and technology support for workforce decision-making.