Needham & Company LLC Cuts Alight (NYSE:ALIT) Price Target to $9.00

Alight (NYSE:ALIT) had its price objective trimmed by Needham & Company LLC from $11.00 to $9.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

ALIT has been the topic of a number of other research reports. DA Davidson restated a buy rating and issued a $12.00 price objective on shares of Alight in a report on Thursday, June 20th. KeyCorp cut their price target on shares of Alight from $11.00 to $10.00 and set an overweight rating on the stock in a report on Thursday, July 11th. Wedbush cut their price target on shares of Alight from $14.00 to $12.00 and set an outperform rating on the stock in a report on Friday, May 10th. Finally, Bank of America cut their price target on shares of Alight from $10.00 to $9.50 and set a buy rating on the stock in a report on Tuesday, June 25th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $11.17.

Alight Stock Down 0.3 %

ALIT traded down $0.02 during midday trading on Wednesday, reaching $6.88. The company’s stock had a trading volume of 4,252,505 shares, compared to its average volume of 6,242,633. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of -11.10, a PEG ratio of 1.28 and a beta of 0.87. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.61. Alight has a 1 year low of $6.15 and a 1 year high of $10.38. The stock’s 50-day moving average is $7.27 and its 200-day moving average is $8.39.

Alight (NYSE:ALIT) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. The business had revenue of $816.00 million for the quarter, compared to analysts’ expectations of $832.41 million. Alight had a negative net margin of 6.58% and a positive return on equity of 5.35%. As a group, research analysts expect that Alight will post 0.52 EPS for the current year.

Insider Buying and Selling

In related news, COO Katie J. Rooney sold 47,851 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $7.11, for a total value of $340,220.61. Following the sale, the chief operating officer now owns 2,880,753 shares in the company, valued at $20,482,153.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Alight by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 35,198,914 shares of the company’s stock worth $300,247,000 after acquiring an additional 547,614 shares during the period. Bullseye Asset Management LLC raised its position in shares of Alight by 34.1% during the 4th quarter. Bullseye Asset Management LLC now owns 531,425 shares of the company’s stock valued at $4,533,000 after purchasing an additional 135,000 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Alight by 33.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 12,171,721 shares of the company’s stock valued at $103,826,000 after purchasing an additional 3,018,711 shares during the period. Russell Investments Group Ltd. raised its position in shares of Alight by 20.5% during the 1st quarter. Russell Investments Group Ltd. now owns 1,133,077 shares of the company’s stock valued at $11,161,000 after purchasing an additional 192,405 shares during the period. Finally, River Road Asset Management LLC raised its position in shares of Alight by 2.9% during the 4th quarter. River Road Asset Management LLC now owns 9,360,406 shares of the company’s stock valued at $79,844,000 after purchasing an additional 263,242 shares during the period. 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.