Alight (NYSE:ALIT) Issues Quarterly Earnings Results

Alight (NYSE:ALIT) released its earnings results on Tuesday. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.15, FiscalAI reports. The business had revenue of $511.00 million during the quarter, compared to analyst estimates of $497.02 million. Alight had a negative net margin of 137.50% and a positive return on equity of 13.04%.

Alight Trading Down 19.0%

Alight stock traded down $3.27 during mid-day trading on Wednesday, hitting $13.91. The company’s stock had a trading volume of 206,999 shares, compared to its average volume of 1,314,727. The stock’s fifty day moving average is $16.11 and its two-hundred day moving average is $17.92. 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 $371.81 million, a PE ratio of -0.12, a price-to-earnings-growth ratio of 0.41 and a beta of 1.61. Alight has a 1 year low of $9.58 and a 1 year high of $89.00.

Hedge Funds Weigh In On Alight

A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its holdings in Alight by 3.6% in the 1st quarter. Royal Bank of Canada now owns 159,901 shares of the company’s stock valued at $948,000 after buying an additional 5,525 shares during the period. AQR Capital Management LLC purchased a new position in Alight in the first quarter worth approximately $434,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Alight by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 249,753 shares of the company’s stock worth $1,481,000 after purchasing an additional 10,893 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Alight by 1,776.2% during the first quarter. Jones Financial Companies Lllp now owns 11,257 shares of the company’s stock worth $67,000 after purchasing an additional 10,657 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Alight by 7.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,027,103 shares of the company’s stock worth $6,091,000 after acquiring an additional 66,771 shares in the last quarter. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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.