Alight (NYSE:ALIT) Shares Up 4.9% – Here’s Why

Alight, Inc. (NYSE:ALIT) shares rose 4.9% on Monday . The company traded as high as $20.30 and last traded at $20.5850. 80,658 shares were traded during trading, a decline of 94% from the average daily volume of 1,402,120 shares. The stock had previously closed at $19.62.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ALIT. Wall Street Zen raised shares of Alight from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. DA Davidson raised their price objective on shares of Alight from $2.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Finally, Weiss Ratings lowered shares of Alight from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, May 7th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $62.57.

Alight Stock Performance

The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.92. The firm has a market capitalization of $544.55 million, a price-to-earnings ratio of -0.17, a PEG ratio of 0.41 and a beta of 1.66. The stock has a fifty day moving average price of $15.05 and a 200-day moving average price of $19.96.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Militia Capital Management LLC acquired a new stake in shares of Alight in the 1st quarter valued at $661,000. Essential Partners LLC increased its position in shares of Alight by 691.5% during the 1st quarter. Essential Partners LLC now owns 57,333 shares of the company’s stock worth $33,000 after purchasing an additional 50,089 shares in the last quarter. Bull Harbor Capital LLC acquired a new stake in shares of Alight during the 1st quarter worth about $31,000. Royal Bank of Canada lifted its holdings in Alight by 11.4% during the 1st quarter. Royal Bank of Canada now owns 167,489 shares of the company’s stock valued at $97,000 after purchasing an additional 17,076 shares during the last quarter. Finally, Empowered Funds LLC lifted its holdings in Alight by 5.5% during the 1st quarter. Empowered Funds LLC now owns 2,127,000 shares of the company’s stock valued at $1,239,000 after purchasing an additional 110,456 shares during the last quarter. 96.74% of the stock is currently owned by institutional investors and hedge funds.

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.