Rubric Capital Management LP Acquires 3,223,617 Shares of Alight, Inc. (NYSE:ALIT)

Rubric Capital Management LP grew its holdings in Alight, Inc. (NYSE:ALIT) by 38.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,646,679 shares of the company’s stock after buying an additional 3,223,617 shares during the period. Alight accounts for about 1.4% of Rubric Capital Management LP’s portfolio, making the stock its 16th biggest holding. Rubric Capital Management LP owned approximately 2.13% of Alight worth $86,185,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Alight by 18.9% during the second quarter. Dimensional Fund Advisors LP now owns 21,066,092 shares of the company’s stock worth $155,463,000 after acquiring an additional 3,342,413 shares during the period. Bank of New York Mellon Corp increased its position in Alight by 100.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,575,167 shares of the company’s stock worth $26,385,000 after buying an additional 1,795,830 shares during the period. Victory Capital Management Inc. boosted its position in shares of Alight by 28.3% in the second quarter. Victory Capital Management Inc. now owns 6,160,609 shares of the company’s stock valued at $45,465,000 after acquiring an additional 1,358,020 shares during the period. Engine Capital Management LP acquired a new position in shares of Alight in the second quarter valued at about $9,594,000. Finally, EVR Research LP raised its stake in Alight by 103.5% in the 2nd quarter. EVR Research LP now owns 2,350,000 shares of the company’s stock worth $17,343,000 after purchasing an additional 1,195,000 shares in the last quarter. 96.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Citigroup dropped their price objective on Alight from $12.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Canaccord Genuity Group upped their price objective on shares of Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Wedbush cut their price target on shares of Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. KeyCorp boosted their price target on Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Needham & Company LLC lifted their target price on Alight from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.95.

Alight Stock Performance

NYSE:ALIT opened at $8.02 on Wednesday. The company has a market capitalization of $4.36 billion, a PE ratio of -16.71 and a beta of 0.87. Alight, Inc. has a fifty-two week low of $6.15 and a fifty-two week high of $10.38. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.30 and a current ratio of 1.30. The company has a 50 day simple moving average of $7.36 and a two-hundred day simple moving average of $7.35.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.09 EPS for the quarter, meeting 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 business had revenue of $555.00 million for the quarter, compared to analysts’ expectations of $538.39 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. The business’s quarterly revenue was down .4% compared to the same quarter last year. Research analysts anticipate that Alight, Inc. will post 0.47 earnings per share for the current year.

Alight Announces Dividend

The firm also recently announced a — dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.04 dividend. The ex-dividend date is Monday, December 2nd.

Insider Buying and Selling at Alight

In other news, Director William P. Foley II sold 5,000,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total value of $41,250,000.00. Following the completion of the sale, the director now directly owns 883,323 shares in the company, valued at $7,287,414.75. This trade represents a 84.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Gregory A. George sold 84,929 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $7.60, for a total value of $645,460.40. Following the transaction, the insider now directly owns 223,327 shares in the company, valued at approximately $1,697,285.20. This trade represents a 27.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.33% 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.