Alight (NYSE:ALIT) Trading Up 4.9% – Here’s Why

Alight, Inc. (NYSE:ALIT) shot up 4.9% on Monday . The stock traded as high as $20.30 and last traded at $20.5850. 80,658 shares traded hands during trading, a decline of 94% from the average daily volume of 1,402,120 shares. The stock had previously closed at $19.62.

Wall Street Analysts Forecast Growth

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

Alight Price Performance

The company has a debt-to-equity ratio of 1.92, a current ratio of 1.42 and a quick ratio of 1.42. The company’s 50 day moving average price is $15.05 and its 200 day moving average price is $19.96. The firm has a market capitalization of $544.55 million, a P/E ratio of -0.17, a PEG ratio of 0.41 and a beta of 1.66.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ALIT. Corsair Capital Management L.P. acquired a new position in Alight during the 4th quarter valued at about $24,701,000. Goldman Sachs Group Inc. raised its stake in shares of Alight by 87.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 24,777,535 shares of the company’s stock worth $48,316,000 after buying an additional 11,534,921 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Alight by 289.1% in the third quarter. Wellington Management Group LLP now owns 13,909,404 shares of the company’s stock valued at $45,345,000 after buying an additional 10,334,915 shares during the period. Millennium Management LLC boosted its stake in Alight by 13,050.9% in the third quarter. Millennium Management LLC now owns 6,964,185 shares of the company’s stock valued at $22,703,000 after acquiring an additional 6,911,229 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Alight by 45,846.2% in the first quarter. Renaissance Technologies LLC now owns 6,018,948 shares of the company’s stock valued at $3,507,000 after acquiring an additional 6,005,848 shares during the last quarter. 96.74% of the stock is currently owned by institutional investors.

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.