Canaccord Genuity Group Forecasts Strong Price Appreciation for Alight (NYSE:ALIT) Stock

Alight (NYSE:ALIT) had its target price hoisted by research analysts at Canaccord Genuity Group from $11.00 to $12.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 52.19% from the stock’s previous close.

A number of other brokerages have also issued reports on ALIT. JPMorgan Chase & Co. lowered Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price target on the stock. in a research note on Tuesday, August 20th. Needham & Company LLC upped their price target on shares of Alight from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday. Citigroup decreased their price target on shares of Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Wedbush lowered their price objective on shares of Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Alight currently has an average rating of “Moderate Buy” and an average price target of $10.95.

Alight Stock Performance

NYSE:ALIT opened at $7.89 on Wednesday. Alight has a 52-week low of $6.15 and a 52-week high of $10.38. The company has a quick ratio of 1.37, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $7.26 and a 200-day simple moving average of $7.42.

Alight (NYSE:ALIT) last posted its earnings results on Tuesday, November 12th. The company reported $0.09 earnings per share (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 firm had revenue of $555.00 million for the quarter, compared to analyst estimates of $538.39 million. During the same quarter in the prior year, the company earned $0.07 EPS. Alight’s revenue was down .4% on a year-over-year basis. Equities research analysts predict that Alight will post 0.42 earnings per share for the current year.

Insider Buying and Selling at Alight

In related news, Director William P. Foley II sold 5,000,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total value of $41,250,000.00. Following the transaction, the director now owns 883,323 shares in the company, valued at approximately $7,287,414.75. The trade was a 84.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alight

Several large investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its stake in Alight by 65.3% during the second quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock valued at $55,000 after purchasing an additional 2,961 shares during the last quarter. Motco acquired a new stake in Alight during the first quarter worth about $95,000. Oppenheimer & Co. Inc. bought a new position in Alight in the third quarter worth about $74,000. FMR LLC lifted its holdings in Alight by 44.4% in the third quarter. FMR LLC now owns 11,995 shares of the company’s stock worth $89,000 after acquiring an additional 3,689 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Alight by 24.0% during the third quarter. KBC Group NV now owns 12,049 shares of the company’s stock valued at $89,000 after purchasing an additional 2,331 shares during the last quarter. Institutional investors 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.