Alight (NYSE:ALIT) Hits New 52-Week Low - Here's Why

Alight, Inc. (NYSE:ALIT - Get Free Report) shares hit a new 52-week low during trading on Monday . The company traded as low as $5.76 and last traded at $5.84, with a volume of 514163 shares trading hands. The stock had previously closed at $5.92.

Analyst Ratings Changes

Several equities analysts have commented on the company. DA Davidson reaffirmed a "buy" rating and issued a $10.00 price target on shares of Alight in a report on Wednesday, March 26th. Needham & Company LLC restated a "buy" rating and issued a $9.00 target price on shares of Alight in a research note on Monday, March 24th. Finally, Wedbush reiterated an "outperform" rating and set a $11.00 price target on shares of Alight in a research note on Tuesday, March 25th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $10.19.

Alight Stock Down 9.8 %

The stock has a market capitalization of $2.59 billion, a P/E ratio of -15.88 and a beta of 0.94. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.46. The firm's fifty day moving average is $6.46 and its 200-day moving average is $6.97.

Alight (NYSE:ALIT - Get Free Report) last posted its earnings results on Thursday, February 20th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.04). The firm had revenue of $680.00 million during the quarter, compared to the consensus estimate of $675.66 million. Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. As a group, equities research analysts predict that Alight, Inc. will post 0.54 earnings per share for the current year.

Remove Ads

Alight Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 3.36%. The ex-dividend date was Monday, March 3rd. Alight's payout ratio is presently -53.33%.

Insider Activity

In other news, Director Richard N. Massey bought 100,000 shares of the stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $6.39 per share, with a total value of $639,000.00. Following the purchase, the director now owns 1,573,489 shares of the company's stock, valued at approximately $10,054,594.71. This represents a 6.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert A. Schriesheim acquired 22,092 shares of the company's stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $6.79 per share, with a total value of $150,004.68. Following the completion of the acquisition, the director now directly owns 22,092 shares in the company, valued at approximately $150,004.68. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 125,092 shares of company stock worth $807,755. 5.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in Alight in the fourth quarter valued at approximately $35,045,000. Starboard Value LP boosted its holdings in Alight by 8.8% during the fourth quarter. Starboard Value LP now owns 47,228,000 shares of the company's stock worth $326,818,000 after buying an additional 3,833,000 shares during the last quarter. Cooper Creek Partners Management LLC boosted its stake in Alight by 23.1% during the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company's stock worth $122,514,000 after acquiring an additional 3,322,705 shares during the last quarter. American Century Companies Inc. increased its stake in Alight by 214.0% in the fourth quarter. American Century Companies Inc. now owns 4,600,961 shares of the company's stock valued at $31,839,000 after purchasing an additional 3,135,846 shares in the last quarter. Finally, J. Goldman & Co LP raised its holdings in Alight by 105.3% in the fourth quarter. J. Goldman & Co LP now owns 5,774,590 shares of the company's stock worth $39,960,000 after purchasing an additional 2,961,443 shares during the period. Institutional investors own 96.74% of the company's stock.

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.