Invenomic Capital Management LP Takes Position in Alight, Inc. $ALIT

Invenomic Capital Management LP purchased a new stake in Alight, Inc. (NYSE:ALIT) in the 3rd quarter, HoldingsChannel reports. The firm purchased 1,905,093 shares of the company’s stock, valued at approximately $6,211,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strs Ohio bought a new stake in Alight in the first quarter worth approximately $25,000. EverSource Wealth Advisors LLC lifted its stake in shares of Alight by 152.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,201 shares of the company’s stock valued at $29,000 after purchasing an additional 3,138 shares during the last quarter. Evergreen Capital Management LLC bought a new stake in Alight in the third quarter worth $35,000. Vestmark Advisory Solutions Inc. bought a new stake in Alight in the third quarter worth $37,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Alight during the third quarter worth $37,000. Institutional investors own 96.74% of the company’s stock.

Alight Price Performance

Shares of NYSE:ALIT opened at $0.92 on Monday. The company has a market cap of $491.21 million, a price-to-earnings ratio of -0.16, a PEG ratio of 0.50 and a beta of 1.17. The business has a 50 day moving average price of $1.32 and a 200 day moving average price of $2.24. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 1.90. Alight, Inc. has a twelve month low of $0.65 and a twelve month high of $6.39.

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

Insider Activity

In related news, CEO Rohit Verma bought 112,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average price of $0.89 per share, with a total value of $99,680.00. Following the completion of the transaction, the chief executive officer owned 1,134,883 shares of the company’s stock, valued at $1,010,045.87. The trade was a 10.95% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.93% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. KeyCorp lowered Alight from an “overweight” rating to a “sector weight” rating in a report on Thursday, February 19th. DA Davidson decreased their price target on Alight from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Bank of America assumed coverage on Alight in a research note on Tuesday, February 17th. They issued an “underperform” rating and a $1.40 price objective on the stock. Citigroup lowered Alight from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $6.50 to $1.00 in a report on Friday, February 20th. Finally, Needham & Company LLC cut Alight from a “buy” rating to a “hold” rating in a research report on Thursday, February 19th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Alight has a consensus rating of “Hold” and a consensus price target of $3.56.

Alight Profile

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.