Alight (NYSE:ALIT) Shares Gap Up – Still a Buy?

Alight, Inc. (NYSE:ALIT) shares gapped up prior to trading on Thursday . The stock had previously closed at $6.68, but opened at $7.63. Alight shares last traded at $7.02, with a volume of 2,096,203 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. KeyCorp increased 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. Canaccord Genuity Group raised their price target on shares of Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $9.00 price objective on shares of Alight in a report on Friday. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.61.

Alight Trading Down 1.5 %

The company has a market capitalization of $3.71 billion, a P/E ratio of -22.75 and a beta of 0.94. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. The firm’s 50-day moving average price is $6.80 and its 200 day moving average price is $7.14.

Alight (NYSE:ALIT) last posted its earnings results on Thursday, February 20th. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. The company had revenue of $680.00 million during the quarter, compared to the consensus estimate of $675.66 million. As a group, equities research analysts predict that Alight, Inc. will post 0.54 earnings per share for the current year.

Alight Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.04 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.16 annualized dividend and a dividend yield of 2.34%.

Insider Buying and Selling

In other Alight news, President Gregory R. Goff sold 250,000 shares of Alight stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $8.00, for a total transaction of $2,000,000.00. Following the transaction, the president now owns 852,694 shares of the company’s stock, valued at $6,821,552. This trade represents a 22.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.33% of the stock is owned by corporate insiders.

Institutional Trading of Alight

Institutional investors and hedge funds have recently modified their holdings of the business. Starboard Value LP boosted its position in Alight by 8.8% in the fourth quarter. Starboard Value LP now owns 47,228,000 shares of the company’s stock worth $326,818,000 after purchasing an additional 3,833,000 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Alight by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 40,881,219 shares of the company’s stock worth $282,898,000 after purchasing an additional 292,911 shares during the period. ArrowMark Colorado Holdings LLC boosted its holdings in shares of Alight by 13.6% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company’s stock worth $168,130,000 after buying an additional 2,901,108 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Alight by 5.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 22,719,293 shares of the company’s stock valued at $157,215,000 after buying an additional 1,153,963 shares during the period. Finally, Cooper Creek Partners Management LLC increased its holdings in Alight by 23.1% during the fourth quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock worth $122,514,000 after buying an additional 3,322,705 shares during the last quarter. 96.74% of the stock is owned by hedge funds and other institutional investors.

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.