Alight (NYSE:ALIT) Coverage Initiated by Analysts at Bank of America

Stock analysts at Bank of America started coverage on shares of Alight (NYSE:ALIT) in a research report issued on Tuesday. The firm set an “underperform” rating and a $1.40 price target on the stock. Bank of America‘s price objective would suggest a potential upside of 8.11% from the stock’s current price.

ALIT has been the subject of several other reports. DA Davidson lowered their price objective on shares of Alight from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. UBS Group cut their price objective on shares of Alight from $6.50 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Wedbush lowered their price target on Alight from $7.00 to $5.00 and set an “outperform” rating for the company in a research report on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Alight in a report on Wednesday, January 21st. Finally, KeyCorp cut their price target on Alight from $6.00 to $2.50 and set an “overweight” rating for the company in a research note on Thursday, January 8th. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $3.98.

Alight Price Performance

Shares of NYSE:ALIT opened at $1.30 on Tuesday. The firm has a market capitalization of $690.49 million, a price-to-earnings ratio of -0.32 and a beta of 1.09. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.21 and a quick ratio of 1.21. Alight has a one year low of $1.29 and a one year high of $7.66. The company’s fifty day moving average price is $1.73 and its 200-day moving average price is $2.66.

Insider Buying and Selling

In related news, Director Robert A. Schriesheim acquired 42,098 shares of the stock in a transaction dated Wednesday, November 26th. The stock was acquired at an average cost of $2.38 per share, for a total transaction of $100,193.24. Following the completion of the purchase, the director owned 109,130 shares of the company’s stock, valued at approximately $259,729.40. This represents a 62.80% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard N. Massey purchased 100,000 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was bought at an average cost of $2.33 per share, with a total value of $233,000.00. Following the completion of the acquisition, the director directly owned 100,000 shares of the company’s stock, valued at $233,000. This trade represents a ? increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 193,116 shares of company stock worth $448,984 in the last three months. 1.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ALIT. ExodusPoint Capital Management LP acquired a new position in shares of Alight during the 4th quarter worth approximately $107,000. Royal Bank of Canada increased its stake in Alight by 20.0% during the 4th quarter. Royal Bank of Canada now owns 150,413 shares of the company’s stock worth $294,000 after buying an additional 25,120 shares during the period. Blair William & Co. IL purchased a new position in Alight in the fourth quarter valued at $48,000. Graham Capital Management L.P. increased its stake in shares of Alight by 151.3% during the fourth quarter. Graham Capital Management L.P. now owns 441,704 shares of the company’s stock worth $861,000 after buying an additional 265,918 shares during the period. Finally, Needham Investment Management LLC increased its holdings in Alight by 100.0% in the fourth quarter. Needham Investment Management LLC now owns 300,000 shares of the company’s stock valued at $585,000 after buying an additional 150,000 shares during the last quarter. Institutional investors and hedge funds own 96.74% of the company’s stock.

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.