Alight (NYSE:ALIT) Shares Gap Down to $9.29

Alight, Inc. (NYSE:ALIT)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $9.29, but opened at $8.43. Alight shares last traded at $8.04, with a volume of 4,280,350 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Canaccord Genuity Group raised their price target on shares of Alight from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Wedbush restated an “outperform” rating and issued a $14.00 price objective on shares of Alight in a research note on Thursday, April 25th. KeyCorp decreased their price objective on shares of Alight from $12.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday. Needham & Company LLC decreased their target price on Alight from $13.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, UBS Group boosted their target price on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Alight has an average rating of “Buy” and a consensus target price of $12.29.

Alight Price Performance

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.27 and a quick ratio of 1.27. The stock has a market capitalization of $4.33 billion, a P/E ratio of -13.98, a P/E/G ratio of 1.81 and a beta of 0.94. The firm has a fifty day moving average of $9.22 and a two-hundred day moving average of $8.57.

Alight (NYSE:ALIT) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.17 by $0.06. The firm had revenue of $960.00 million during the quarter, compared to analyst estimates of $1.03 billion. Alight had a positive return on equity of 5.09% and a negative net margin of 7.80%. On average, analysts predict that Alight, Inc. will post 0.5 EPS for the current year.

Insider Transactions at Alight

In other news, insider Katie J. Rooney sold 26,164 shares of Alight stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $8.95, for a total transaction of $234,167.80. Following the completion of the sale, the insider now directly owns 2,963,694 shares in the company, valued at $26,525,061.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Stephan Scholl sold 428,574 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $9.81, for a total value of $4,204,310.94. Following the sale, the chief executive officer now directly owns 8,198,199 shares of the company’s stock, valued at approximately $80,424,332.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Katie J. Rooney sold 26,164 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $8.95, for a total transaction of $234,167.80. Following the completion of the sale, the insider now owns 2,963,694 shares in the company, valued at approximately $26,525,061.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 543,029 shares of company stock worth $12,385,217. Insiders own 3.66% of the company’s stock.

Hedge Funds Weigh In On Alight

A number of institutional investors have recently modified their holdings of ALIT. Xponance Inc. boosted its position in Alight by 5.7% during the fourth quarter. Xponance Inc. now owns 25,035 shares of the company’s stock worth $214,000 after acquiring an additional 1,353 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Alight by 38.9% in the 4th quarter. First Horizon Advisors Inc. now owns 6,776 shares of the company’s stock valued at $58,000 after buying an additional 1,897 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in Alight by 13.7% in the third quarter. Orion Portfolio Solutions LLC now owns 17,315 shares of the company’s stock worth $123,000 after acquiring an additional 2,082 shares during the period. FourThought Financial Partners LLC increased its stake in Alight by 10.2% during the fourth quarter. FourThought Financial Partners LLC now owns 27,673 shares of the company’s stock worth $236,000 after acquiring an additional 2,552 shares during the last quarter. Finally, Saxon Interests Inc. increased its stake in Alight by 15.4% during the first quarter. Saxon Interests Inc. now owns 19,668 shares of the company’s stock worth $194,000 after acquiring an additional 2,632 shares during the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

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.