Bank of America Initiates Coverage on Alight (NYSE:ALIT)

Bank of America started coverage on shares of Alight (NYSE:ALIT) in a research note issued to investors on Tuesday. The brokerage set an “underperform” rating and a $1.40 price target on the stock. Bank of America‘s price target indicates a potential upside of 5.66% from the company’s current price.

A number of other brokerages have also issued reports on ALIT. Wedbush cut their price target on shares of Alight from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Thursday, November 6th. KeyCorp dropped their target price on shares of Alight from $6.00 to $2.50 and set an “overweight” rating for the company in a report on Thursday, January 8th. DA Davidson reduced their price target on Alight from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. UBS Group lowered their price target on Alight from $6.50 to $4.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Alight in a report on Wednesday, January 21st. Five research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, Alight currently has a consensus rating of “Hold” and an average target price of $3.98.

Alight Stock Performance

Shares of ALIT stock opened at $1.33 on Tuesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.21 and a current ratio of 1.21. Alight has a fifty-two week low of $1.26 and a fifty-two week high of $7.66. The stock has a 50 day moving average price of $1.70 and a two-hundred day moving average price of $2.62. The company has a market capitalization of $706.49 million, a P/E ratio of -0.32 and a beta of 1.09.

Insider Transactions at Alight

In other news, Director Richard N. Massey bought 100,000 shares of the stock in a transaction dated Wednesday, November 26th. The stock was bought at an average price of $2.33 per share, for a total transaction of $233,000.00. Following the purchase, the director directly owned 100,000 shares in the company, valued at $233,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kausik Rajgopal purchased 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were purchased at an average price of $2.24 per share, for a total transaction of $89,600.00. Following the completion of the transaction, the director directly owned 125,202 shares of the company’s stock, valued at $280,452.48. This represents a 46.95% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 193,116 shares of company stock valued at $448,984. Corporate insiders own 1.93% of the company’s stock.

Institutional Investors Weigh In On Alight

A number of institutional investors have recently modified their holdings of ALIT. TradeLink Capital LLC bought a new position in Alight in the 4th quarter worth about $25,000. Strs Ohio bought a new stake in Alight during the 1st quarter valued at about $25,000. Moss Adams Wealth Advisors LLC purchased a new position in Alight in the fourth quarter worth about $26,000. Renaissance Technologies LLC bought a new position in shares of Alight in the fourth quarter worth approximately $26,000. Finally, Allworth Financial LP lifted its stake in shares of Alight by 848.5% in the fourth quarter. Allworth Financial LP now owns 14,920 shares of the company’s stock worth $29,000 after buying an additional 13,347 shares in the last quarter. 96.74% of the stock is owned by hedge funds and other institutional investors.

Alight Company Profile

Alight, Inc (NYSE: ALIT) is a leading provider of cloud-based human capital and financial solutions designed to help organizations and their employees navigate critical life and work events. The company offers a comprehensive suite of services, including payroll administration, benefits enrollment and management, workforce and analytics solutions, health and welfare support, and financial wellness programs. By integrating advanced technology with expert advisory services, Alight aims to simplify the administration of human resources and benefits functions, improve employee engagement and productivity, and drive cost efficiencies for its clients.

Alight’s core platform leverages cloud architecture and automation to deliver scalable and secure solutions that address the needs of mid-sized and large enterprises.