Short Interest in Alight, Inc. (NYSE:ALIT) Expands By 31.5%

Alight, Inc. (NYSE:ALIT) saw a large increase in short interest in February. As of February 27th, there was short interest totaling 41,121,316 shares, an increase of 31.5% from the February 12th total of 31,278,114 shares. Approximately 7.8% of the shares of the company are short sold. Based on an average trading volume of 46,160,073 shares, the days-to-cover ratio is currently 0.9 days. Based on an average trading volume of 46,160,073 shares, the days-to-cover ratio is currently 0.9 days. Approximately 7.8% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ALIT. Citigroup cut Alight from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $6.50 to $1.00 in a research note on Friday, February 20th. Needham & Company LLC lowered shares of Alight from a “buy” rating to a “hold” rating in a research note on Thursday, February 19th. Bank of America started coverage on shares of Alight in a report on Tuesday, February 17th. They set an “underperform” rating and a $1.40 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Alight in a research report on Wednesday, January 21st. Finally, DA Davidson decreased their price target on shares of Alight from $6.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.56.

Insider Activity at Alight

In other news, CEO Rohit Verma purchased 112,000 shares of the stock in a transaction dated Thursday, March 12th. The stock was acquired at an average cost of $0.89 per share, for a total transaction of $99,680.00. Following the acquisition, the chief executive officer owned 1,134,883 shares of the company’s stock, valued at $1,010,045.87. The trade was a 10.95% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.93% of the company’s stock.

Hedge Funds Weigh In On Alight

Several institutional investors have recently modified their holdings of ALIT. Strs Ohio acquired a new stake in shares of Alight in the 1st quarter worth about $25,000. EverSource Wealth Advisors LLC boosted its stake in Alight by 152.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,201 shares of the company’s stock valued at $29,000 after purchasing an additional 3,138 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Alight by 68.8% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 8,100 shares of the company’s stock worth $46,000 after purchasing an additional 3,300 shares during the last quarter. Danske Bank A S bought a new position in Alight in the 3rd quarter worth about $31,000. Finally, Evergreen Capital Management LLC acquired a new stake in shares of Alight in the third quarter valued at approximately $35,000. Institutional investors own 96.74% of the company’s stock.

Alight Stock Performance

Shares of NYSE ALIT traded up $0.01 during mid-day trading on Friday, hitting $0.92. The company had a trading volume of 32,475,140 shares, compared to its average volume of 44,268,896. The stock has a market cap of $491.21 million, a price-to-earnings ratio of -0.16, a PEG ratio of 0.50 and a beta of 1.16. Alight has a 12 month low of $0.65 and a 12 month high of $6.39. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.31 and a quick ratio of 1.31. The firm’s 50 day simple moving average is $1.32 and its two-hundred day simple moving average is $2.26.

Alight (NYSE:ALIT) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.07). Alight had a positive return on equity of 9.61% and a negative net margin of 136.91%.The company had revenue of $653.00 million for the quarter, compared to the consensus estimate of $654.30 million. As a group, equities research analysts forecast that Alight will post 0.54 earnings per share for the current year.

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.