Alight (NYSE:ALIT) Given New $11.00 Price Target at Needham & Company LLC

Alight (NYSE:ALIT) had its price target hoisted by investment analysts at Needham & Company LLC from $9.00 to $11.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 39.51% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Citigroup decreased their price objective on shares of Alight from $12.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, August 29th. JPMorgan Chase & Co. lowered shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price target for the company. in a report on Tuesday, August 20th. Finally, Wedbush dropped their price objective on Alight from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.95.

Alight Stock Performance

Shares of Alight stock opened at $7.89 on Wednesday. The firm has a fifty day moving average of $7.26 and a two-hundred day moving average of $7.42. The company has a current ratio of 1.30, a quick ratio of 1.37 and a debt-to-equity ratio of 0.46. Alight has a 52 week low of $6.15 and a 52 week high of $10.38.

Alight (NYSE:ALIT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.09 EPS for the quarter, meeting analysts’ consensus estimates of $0.09. Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. The business had revenue of $555.00 million during the quarter, compared to the consensus estimate of $538.39 million. During the same quarter in the prior year, the company posted $0.07 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. As a group, equities research analysts forecast that Alight will post 0.42 earnings per share for the current year.

Insider Buying and Selling at Alight

In other Alight news, Director William P. Foley II sold 5,000,000 shares of Alight stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $8.25, for a total value of $41,250,000.00. Following the sale, the director now directly owns 883,323 shares in the company, valued at approximately $7,287,414.75. The trade was a 84.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.33% of the company’s stock.

Institutional Trading of Alight

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Paloma Partners Management Co bought a new position in Alight in the third quarter valued at approximately $403,000. ARGA Investment Management LP acquired a new stake in shares of Alight in the 3rd quarter valued at approximately $750,000. Maverick Capital Ltd. acquired a new stake in shares of Alight in the 3rd quarter valued at approximately $1,834,000. Edgestream Partners L.P. bought a new position in shares of Alight in the third quarter valued at $4,311,000. Finally, Verition Fund Management LLC increased its holdings in Alight by 288.3% during the third quarter. Verition Fund Management LLC now owns 48,776 shares of the company’s stock worth $361,000 after buying an additional 36,216 shares during the last quarter. Institutional investors and hedge funds 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.