Alight (NYSE:ALIT) Shares Gap Down – Here’s What Happened

Alight, Inc. (NYSE:ALIT)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $7.90, but opened at $7.56. Alight shares last traded at $7.21, with a volume of 2,403,600 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently commented on ALIT shares. Wedbush reduced their target price on Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. cut Alight from an “overweight” rating to a “neutral” rating and set a $8.00 target price for the company. in a research note on Tuesday, August 20th. Canaccord Genuity Group raised their price objective on Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Needham & Company LLC raised their price objective on Alight from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, KeyCorp raised their price objective on Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.95.

Alight Trading Down 0.4 %

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 business has a 50 day simple moving average of $7.45 and a 200-day simple moving average of $7.36.

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. The company had revenue of $555.00 million for the quarter, compared to analysts’ expectations of $538.39 million. Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same period last year, the business posted $0.07 earnings per share. As a group, analysts predict that Alight, Inc. will post 0.47 EPS for the current year.

Alight Announces Dividend

The firm also recently declared a — dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, December 2nd.

Insider Activity

In other news, Director William P. Foley II sold 5,000,000 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total transaction of $41,250,000.00. Following the transaction, the director now directly owns 883,323 shares of the company’s stock, valued at approximately $7,287,414.75. This trade represents a 84.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Gregory R. Goff sold 250,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $8.00, for a total value of $2,000,000.00. Following the transaction, the president now directly owns 852,694 shares in the company, valued at $6,821,552. This trade represents a 22.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,334,929 shares of company stock valued at $43,895,460. Company insiders own 5.33% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in Alight by 18.9% during the second quarter. Dimensional Fund Advisors LP now owns 21,066,092 shares of the company’s stock worth $155,463,000 after acquiring an additional 3,342,413 shares during the period. State Street Corp grew its holdings in Alight by 1.2% during the third quarter. State Street Corp now owns 11,905,766 shares of the company’s stock worth $88,103,000 after acquiring an additional 141,828 shares during the period. Rubric Capital Management LP grew its holdings in Alight by 38.3% during the third quarter. Rubric Capital Management LP now owns 11,646,679 shares of the company’s stock worth $86,185,000 after acquiring an additional 3,223,617 shares during the period. Geode Capital Management LLC grew its holdings in Alight by 0.8% during the third quarter. Geode Capital Management LLC now owns 10,068,446 shares of the company’s stock worth $74,521,000 after acquiring an additional 77,948 shares during the period. Finally, River Road Asset Management LLC grew its holdings in Alight by 2.9% during the third quarter. River Road Asset Management LLC now owns 9,988,254 shares of the company’s stock worth $73,913,000 after acquiring an additional 286,133 shares during the period. 96.74% of the stock is owned by institutional investors and hedge funds.

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.