Q2 2024 EPS Estimates for Alight, Inc. Lowered by Wedbush (NYSE:ALIT)

Alight, Inc. (NYSE:ALIT) – Equities research analysts at Wedbush reduced their Q2 2024 earnings per share (EPS) estimates for Alight in a report issued on Thursday, April 25th. Wedbush analyst D. Ives now forecasts that the company will earn $0.09 per share for the quarter, down from their previous forecast of $0.10. Wedbush has a “Outperform” rating and a $14.00 price objective on the stock. The consensus estimate for Alight’s current full-year earnings is $0.50 per share. Wedbush also issued estimates for Alight’s Q4 2024 earnings at $0.19 EPS.

A number of other equities analysts have also recently weighed in on ALIT. Canaccord Genuity Group upped their price target on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Needham & Company LLC raised their price target on shares of Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Citigroup reiterated a “buy” rating and issued a $12.00 price objective on shares of Alight in a report on Friday, January 5th. Finally, UBS Group raised their target price on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $12.71.

Alight Price Performance

Shares of NYSE ALIT opened at $9.11 on Monday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.27 and a quick ratio of 1.27. Alight has a 1-year low of $6.33 and a 1-year high of $10.38. The company has a market capitalization of $5.13 billion, a price-to-earnings ratio of -16.56, a PEG ratio of 1.77 and a beta of 0.92. The business has a 50-day moving average of $9.28 and a 200-day moving average of $8.46.

Alight (NYSE:ALIT) last announced its quarterly earnings results on Wednesday, February 21st. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. Alight had a negative net margin of 7.80% and a positive return on equity of 5.09%. The firm had revenue of $960.00 million for the quarter, compared to analysts’ expectations of $1.03 billion.

Hedge Funds Weigh In On Alight

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Alight by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 35,198,914 shares of the company’s stock worth $300,247,000 after acquiring an additional 547,614 shares during the period. Fidelity National Financial Inc. increased its stake in shares of Alight by 11.5% in the fourth quarter. Fidelity National Financial Inc. now owns 22,300,000 shares of the company’s stock valued at $190,219,000 after purchasing an additional 2,300,000 shares during the period. Glenview Capital Management LLC increased its stake in shares of Alight by 11.2% in the fourth quarter. Glenview Capital Management LLC now owns 18,202,012 shares of the company’s stock valued at $155,263,000 after purchasing an additional 1,835,481 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Alight by 33.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 12,171,721 shares of the company’s stock worth $103,826,000 after buying an additional 3,018,711 shares during the period. Finally, River Road Asset Management LLC increased its position in Alight by 2.9% in the 4th quarter. River Road Asset Management LLC now owns 9,360,406 shares of the company’s stock valued at $79,844,000 after acquiring an additional 263,242 shares during the period. 96.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Alight

In other Alight news, insider Katie J. Rooney sold 7,100 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $9.00, for a total transaction of $63,900.00. Following the transaction, the insider now owns 2,999,434 shares of the company’s stock, valued at approximately $26,994,906. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Alight news, insider Katie J. Rooney sold 7,100 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $9.00, for a total transaction of $63,900.00. Following the sale, the insider now directly owns 2,999,434 shares of the company’s stock, valued at $26,994,906. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Katie J. Rooney sold 26,164 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 2,963,694 shares in the company, valued at $26,525,061.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 550,129 shares of company stock valued at $12,449,117. Insiders own 3.96% 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.