Alight (NYSE:ALIT) Rating Lowered to Sell at Wall Street Zen

Alight (NYSE:ALIT) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Other analysts have also issued reports about the stock. KeyCorp lowered shares of Alight from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 19th. Wedbush dropped their price objective on Alight from $7.00 to $5.00 and set an “outperform” rating for the company in a report on Thursday, November 6th. Bank of America initiated coverage on Alight in a research note on Tuesday, February 17th. They set an “underperform” rating and a $1.40 target price on the stock. Citigroup lowered Alight from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $6.50 to $1.00 in a research note on Friday, February 20th. Finally, UBS Group cut their price target on shares of Alight from $6.50 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.56.

Alight Stock Down 1.6%

Shares of Alight stock opened at $0.88 on Friday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.21 and a current ratio of 1.31. Alight has a 52-week low of $0.65 and a 52-week high of $6.89. The company’s 50 day moving average price is $1.53 and its 200-day moving average price is $2.47. The stock has a market capitalization of $468.15 million, a price-to-earnings ratio of -0.15, a P/E/G ratio of 0.48 and a beta of 1.09.

Alight (NYSE:ALIT) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.07). The firm had revenue of $653.00 million for the quarter, compared to analysts’ expectations of $654.30 million. Alight had a negative net margin of 136.91% and a positive return on equity of 9.61%. Equities research analysts forecast that Alight will post 0.54 EPS for the current year.

Insider Buying and Selling at Alight

In other news, CEO Rohit Verma purchased 100,000 shares of Alight stock in a transaction that occurred on Tuesday, February 24th. The shares were bought at an average cost of $0.77 per share, with a total value of $77,000.00. Following the completion of the purchase, the chief executive officer directly owned 1,022,883 shares in the company, valued at approximately $787,619.91. This trade represents a 10.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alight

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Corsair Capital Management L.P. bought a new stake in shares of Alight during the 4th quarter valued at $24,701,000. Goldman Sachs Group Inc. boosted its stake in Alight by 87.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 24,777,535 shares of the company’s stock worth $48,316,000 after acquiring an additional 11,534,921 shares in the last quarter. Wellington Management Group LLP grew its holdings in Alight by 289.1% in the third quarter. Wellington Management Group LLP now owns 13,909,404 shares of the company’s stock worth $45,345,000 after purchasing an additional 10,334,915 shares during the period. Millennium Management LLC increased its stake in shares of Alight by 13,050.9% during the third quarter. Millennium Management LLC now owns 6,964,185 shares of the company’s stock valued at $22,703,000 after purchasing an additional 6,911,229 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of Alight during the second quarter valued at approximately $32,050,000. Hedge funds and other institutional investors own 96.74% of the company’s stock.

About Alight

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.