Brokerages Set Alight, Inc. (NYSE:ALIT) PT at $9.94

Shares of Alight, Inc. (NYSE:ALIT) have earned an average rating of “Moderate Buy” from the eight ratings firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $9.94.

A number of analysts recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $9.00 price target on shares of Alight in a report on Monday, March 24th. Wedbush dropped their price target on Alight from $11.00 to $9.00 and set an “outperform” rating on the stock in a report on Friday, May 9th. Finally, DA Davidson reiterated a “buy” rating and set a $10.00 price target on shares of Alight in a report on Wednesday, March 26th.

Alight Stock Up 0.5%

ALIT stock opened at $5.45 on Friday. Alight has a twelve month low of $4.49 and a twelve month high of $8.93. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average is $5.30 and its 200-day moving average is $6.26. The firm has a market capitalization of $2.93 billion, a PE ratio of -18.15 and a beta of 1.00.

Alight (NYSE:ALIT) last posted its earnings results on Thursday, May 8th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The company had revenue of $548.00 million during the quarter, compared to the consensus estimate of $542.66 million. Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.13 EPS. Sell-side analysts expect that Alight will post 0.54 EPS for the current fiscal year.

Alight Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Monday, June 2nd. Alight’s dividend payout ratio is currently -114.29%.

Insiders Place Their Bets

In related news, Director David D. Guilmette purchased 50,000 shares of Alight stock in a transaction dated Tuesday, May 20th. The stock was bought at an average cost of $5.69 per share, for a total transaction of $284,500.00. Following the completion of the transaction, the director now owns 600,750 shares in the company, valued at $3,418,267.50. This trade represents a 9.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.33% of the company’s stock.

Hedge Funds Weigh In On Alight

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in shares of Alight by 107.6% in the fourth quarter. Blue Trust Inc. now owns 3,336 shares of the company’s stock valued at $25,000 after purchasing an additional 1,729 shares in the last quarter. Strs Ohio purchased a new position in shares of Alight in the first quarter valued at $25,000. CWM LLC grew its position in shares of Alight by 364.8% in the first quarter. CWM LLC now owns 5,104 shares of the company’s stock valued at $30,000 after purchasing an additional 4,006 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Alight by 82.8% in the first quarter. Caitong International Asset Management Co. Ltd now owns 5,184 shares of the company’s stock valued at $31,000 after purchasing an additional 2,348 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in shares of Alight by 40.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 7,101 shares of the company’s stock valued at $49,000 after purchasing an additional 2,059 shares in the last quarter. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

About Alight

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.