Canaccord Genuity Group Forecasts Strong Price Appreciation for Alight (NYSE:ALIT) Stock

Alight (NYSE:ALIT - Free Report) had its price objective increased by Canaccord Genuity Group from $11.00 to $12.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also weighed in on ALIT. Citigroup cut their target price on shares of Alight from $12.00 to $11.00 and set a "buy" rating for the company in a report on Thursday, August 29th. Wedbush cut their target price on shares of Alight from $12.00 to $10.00 and set an "outperform" rating for the company in a report on Thursday, August 8th. JPMorgan Chase & Co. lowered shares of Alight from an "overweight" rating to a "neutral" rating and set a $8.00 price target for the company. in a report on Tuesday, August 20th. Finally, Needham & Company LLC boosted their price target on shares of Alight from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Wednesday. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Alight has a consensus rating of "Moderate Buy" and an average target price of $10.95.

Alight Stock Performance

NYSE ALIT traded down $0.04 on Wednesday, hitting $8.42. 11,629,961 shares of the company's stock traded hands, compared to its average volume of 5,694,302. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.55. Alight has a 1-year low of $6.15 and a 1-year high of $10.38. The firm's 50-day moving average price is $7.23 and its two-hundred day moving average price is $7.41. The firm has a market capitalization of $4.60 billion, a PE ratio of -17.54 and a beta of 0.87.

Alight (NYSE:ALIT - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. The firm had revenue of $555.00 million during the quarter, compared to analyst estimates of $538.39 million. Alight had a negative net margin of 7.95% and a positive return on equity of 5.53%. The business's quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 EPS. As a group, analysts expect that Alight will post 0.42 EPS for the current year.

Alight Announces Dividend

The company also recently announced a -- dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.04 dividend. The ex-dividend date of this dividend is Monday, December 2nd.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in shares of Alight by 65.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company's stock worth $55,000 after purchasing an additional 2,961 shares during the period. Oppenheimer & Co. Inc. purchased a new stake in shares of Alight during the 3rd quarter worth about $74,000. KBC Group NV grew its holdings in shares of Alight by 24.0% during the 3rd quarter. KBC Group NV now owns 12,049 shares of the company's stock worth $89,000 after purchasing an additional 2,331 shares during the period. FMR LLC grew its holdings in shares of Alight by 44.4% during the 3rd quarter. FMR LLC now owns 11,995 shares of the company's stock worth $89,000 after purchasing an additional 3,689 shares during the period. Finally, Motco purchased a new stake in shares of Alight during the 1st quarter worth about $95,000. Institutional investors and hedge funds own 96.74% of the company's stock.

About Alight

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.