KeyCorp Forecasts Strong Price Appreciation for Alight (NYSE:ALIT) Stock

Alight (NYSE:ALIT) had its price objective raised by equities research analysts at KeyCorp from $10.00 to $11.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price target would suggest a potential upside of 39.51% from the company’s current price.

Several other research firms have also commented on ALIT. Needham & Company LLC boosted their price target on Alight from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday. Canaccord Genuity Group raised their price target on shares of Alight from $11.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. lowered shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price objective for the company. in a research note on Tuesday, August 20th. Wedbush lowered their target price on shares of Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Citigroup reduced their price target on Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Alight presently has an average rating of “Moderate Buy” and a consensus price target of $10.95.

Alight Price Performance

Alight stock opened at $7.89 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.30 and a quick ratio of 1.37. The firm has a 50-day moving average of $7.26 and a two-hundred day moving average of $7.42. Alight has a 1 year low of $6.15 and a 1 year high of $10.38.

Alight (NYSE:ALIT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.09 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.09. Alight had a negative net margin of 7.95% and a positive return on equity of 5.61%. The company had revenue of $555.00 million during the quarter, compared to analyst estimates of $538.39 million. During the same period in the prior year, the firm earned $0.07 earnings per share. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. Equities analysts anticipate that Alight will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director William P. Foley II sold 5,000,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total transaction of $41,250,000.00. Following the transaction, the director now owns 883,323 shares of the company’s stock, valued at $7,287,414.75. This represents a 84.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Ingalls & Snyder LLC lifted its holdings in shares of Alight by 20.9% during the 2nd quarter. Ingalls & Snyder LLC now owns 12,919 shares of the company’s stock valued at $95,000 after acquiring an additional 2,235 shares in the last quarter. Amalgamated Bank grew its position in shares of Alight by 16.2% in the 2nd quarter. Amalgamated Bank now owns 16,434 shares of the company’s stock worth $121,000 after acquiring an additional 2,289 shares in the last quarter. KBC Group NV increased its stake in Alight by 24.0% during the third quarter. KBC Group NV now owns 12,049 shares of the company’s stock valued at $89,000 after purchasing an additional 2,331 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Alight by 65.3% during the second quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock worth $55,000 after acquiring an additional 2,961 shares during the period. Finally, FMR LLC lifted its holdings in shares of Alight by 44.4% in the 3rd quarter. FMR LLC now owns 11,995 shares of the company’s stock worth $89,000 after purchasing an additional 3,689 shares during the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

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.