Alight (NYSE:ALIT) Shares Gap Up Following Insider Buying Activity

Alight, Inc. (NYSE:ALITGet Rating) shares gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $8.50, but opened at $8.81. Alight shares last traded at $8.74, with a volume of 8,719 shares trading hands.

Specifically, major shareholder Holdings L.P. Blackstone III sold 12,154,671 shares of the business’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $7.46, for a total transaction of $90,673,845.66. Following the sale, the insider now directly owns 295 shares of the company’s stock, valued at approximately $2,200.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Holdings L.P. Blackstone III sold 12,154,671 shares of the business’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $7.46, for a total transaction of $90,673,845.66. Following the transaction, the insider now directly owns 295 shares in the company, valued at approximately $2,200.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Massey acquired 100,000 shares of the stock in a transaction dated Monday, November 14th. The shares were purchased at an average price of $8.40 per share, for a total transaction of $840,000.00. Following the completion of the purchase, the director now directly owns 1,193,195 shares in the company, valued at $10,022,838. The disclosure for this purchase can be found here. Insiders own 3.96% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Alight in a research note on Tuesday, August 2nd. They issued an “overweight” rating and a $10.00 price target on the stock. DA Davidson decreased their price target on shares of Alight to $12.00 in a research note on Friday, July 22nd. Credit Suisse Group upped their price target on shares of Alight to $13.00 in a research note on Tuesday. Finally, KeyCorp assumed coverage on shares of Alight in a research note on Thursday, September 15th. They issued an “overweight” rating and a $15.00 price target on the stock.

Alight Stock Performance

The stock’s 50-day simple moving average is $8.02 and its 200-day simple moving average is $7.84. The stock has a market cap of $4.86 billion, a price-to-earnings ratio of 54.69 and a beta of 0.68. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.55.

Alight (NYSE:ALITGet Rating) last announced its earnings results on Thursday, November 3rd. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. Alight had a net margin of 2.46% and a return on equity of 3.65%. The firm had revenue of $750.00 million for the quarter, compared to analyst estimates of $737.57 million. During the same quarter in the prior year, the business posted $0.18 EPS. The business’s revenue was up 8.7% compared to the same quarter last year. Analysts forecast that Alight, Inc. will post 0.3 earnings per share for the current fiscal year.

Institutional Trading of Alight

Institutional investors and hedge funds have recently made changes to their positions in the company. Ovata Capital Management Ltd bought a new stake in shares of Alight during the 1st quarter worth approximately $46,000. Advisor Group Holdings Inc. lifted its holdings in shares of Alight by 65.8% during the 1st quarter. Advisor Group Holdings Inc. now owns 4,725 shares of the company’s stock worth $47,000 after acquiring an additional 1,875 shares during the period. Quantbot Technologies LP bought a new stake in shares of Alight during the 1st quarter worth approximately $49,000. Royal Bank of Canada lifted its holdings in shares of Alight by 36.8% during the 3rd quarter. Royal Bank of Canada now owns 6,393 shares of the company’s stock worth $47,000 after acquiring an additional 1,720 shares during the period. Finally, Strs Ohio lifted its holdings in shares of Alight by 109.1% during the 3rd quarter. Strs Ohio now owns 6,900 shares of the company’s stock worth $50,000 after acquiring an additional 3,600 shares during the period. Institutional investors own 72.61% of the company’s stock.

About Alight

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Alight, Inc operates as a cloud-based provider of integrated digital human capital and business solutions worldwide. It operates through three segments: Employer Solutions, Professional Services, and Hosted Business. The company's solutions enable employees to enrich their health, wealth, and wellbeing, which helps organizations achieve a high-performance culture.

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