Alight, Inc. (NYSE:ALIT) Sees Large Decline in Short Interest

Alight, Inc. (NYSE:ALIT) was the recipient of a large decrease in short interest in March. As of March 15th, there was short interest totalling 20,340,000 shares, a decrease of 5.4% from the February 29th total of 21,500,000 shares. Based on an average trading volume of 7,220,000 shares, the short-interest ratio is currently 2.8 days. Currently, 5.0% of the company’s shares are short sold.

Alight Price Performance

ALIT opened at $9.60 on Tuesday. The stock has a fifty day moving average of $9.26 and a 200-day moving average of $8.18. The firm has a market capitalization of $5.40 billion, a P/E ratio of -17.55, a PEG ratio of 1.52 and a beta of 0.92. Alight has a 12-month low of $6.33 and a 12-month high of $10.38. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.58.

Alight (NYSE:ALIT) last released its earnings results on Wednesday, February 21st. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. The company had revenue of $960.00 million during the quarter, compared to analyst estimates of $1.03 billion. Alight had a positive return on equity of 5.09% and a negative net margin of 7.80%. Equities analysts forecast that Alight will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling

In other Alight news, CEO Stephan Scholl sold 428,574 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $9.81, for a total value of $4,204,310.94. Following the sale, the chief executive officer now owns 8,198,199 shares of the company’s stock, valued at approximately $80,424,332.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Katie J. Rooney sold 7,100 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $9.00, for a total value of $63,900.00. Following the transaction, the insider now owns 2,999,434 shares in the company, valued at approximately $26,994,906. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Stephan Scholl sold 428,574 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $9.81, for a total value of $4,204,310.94. Following the completion of the transaction, the chief executive officer now owns 8,198,199 shares in the company, valued at approximately $80,424,332.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 464,336 shares of company stock valued at $4,527,359. Corporate insiders own 3.66% of the company’s stock.

Institutional Trading of Alight

A number of hedge funds have recently modified their holdings of ALIT. Greenlight Capital Inc. acquired a new position in shares of Alight in the fourth quarter worth $78,831,000. Norges Bank acquired a new position in shares of Alight in the fourth quarter worth $42,947,000. Fidelity National Financial Inc. increased its stake in shares of Alight by 33.3% in the third quarter. Fidelity National Financial Inc. now owns 20,000,000 shares of the company’s stock worth $141,800,000 after acquiring an additional 5,000,000 shares during the last quarter. State Street Corp increased its stake in shares of Alight by 616.8% in the second quarter. State Street Corp now owns 5,799,562 shares of the company’s stock worth $39,147,000 after acquiring an additional 4,990,518 shares during the last quarter. Finally, UBS Group AG increased its position in Alight by 1,767.5% during the fourth quarter. UBS Group AG now owns 4,998,050 shares of the company’s stock worth $42,633,000 after buying an additional 4,730,410 shares during the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ALIT shares. Citigroup reissued a “buy” rating and set a $12.00 price target on shares of Alight in a research report on Friday, January 5th. Needham & Company LLC raised their price target on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Canaccord Genuity Group initiated coverage on Alight in a research report on Wednesday, December 6th. They set a “buy” rating and a $12.00 price target for the company. TheStreet raised Alight from a “d+” rating to a “c-” rating in a research report on Tuesday, December 12th. Finally, Wedbush lifted their price objective on Alight from $13.00 to $14.00 and gave the company an “outperform” rating in a research report on Thursday, March 21st. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Alight presently has a consensus rating of “Buy” and an average target price of $12.71.

Alight Company Profile

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.