Alight, Inc. (NYSE:ALIT) Shares Bought by Comerica Bank

Comerica Bank grew its stake in Alight, Inc. (NYSE:ALIT – Get Rating) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 578,518 shares of the company’s stock after buying an additional 15,325 shares during the period. Comerica Bank owned 0.10% of Alight worth $4,391,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Strs Ohio boosted its stake in Alight by 109.1% in the third quarter. Strs Ohio now owns 6,900 shares of the company’s stock valued at $50,000 after acquiring an additional 3,600 shares in the last quarter. Zazove Associates LLC acquired a new stake in shares of Alight in the 3rd quarter valued at about $1,316,000. Phocas Financial Corp. purchased a new position in Alight during the 3rd quarter worth approximately $2,780,000. Wedge Capital Management L L P NC increased its position in Alight by 12.6% during the third quarter. Wedge Capital Management L L P NC now owns 2,567,500 shares of the company’s stock worth $18,820,000 after buying an additional 287,947 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in Alight in the second quarter valued at approximately $368,000. 95.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Alight news, Director Richard N. Massey acquired 100,000 shares of the business’s stock in a transaction on Monday, November 14th. The stock was purchased at an average price of $8.40 per share, for a total transaction of $840,000.00. Following the completion of the transaction, the director now owns 1,193,195 shares of the company’s stock, valued at approximately $10,022,838. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 that occurred on Thursday, November 17th. The stock was sold at an average price of $7.46, for a total transaction of $90,673,845.66. Following the sale, the insider now owns 295 shares of the company’s stock, valued at approximately $2,200.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard N. Massey acquired 100,000 shares of the company’s stock in a transaction that occurred on Monday, November 14th. The stock was purchased at an average cost of $8.40 per share, with a total value 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.

Wall Street Analysts Forecast Growth

ALIT has been the topic of a number of recent research reports. Needham & Company LLC assumed coverage on shares of Alight in a report on Tuesday, December 6th. They issued a “buy” rating and a $12.00 target price on the stock. Wedbush began coverage on shares of Alight in a research note on Friday, December 9th. They issued an “outperform” rating and a $13.00 price objective on the stock. Finally, Credit Suisse Group increased their target price on shares of Alight to $13.00 in a research note on Tuesday, November 15th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Alight has a consensus rating of “Buy” and a consensus price target of $12.86.

Alight Price Performance

Shares of Alight stock opened at $8.93 on Friday. Alight, Inc. has a one year low of $6.31 and a one year high of $11.10. The company has a market cap of $4.96 billion, a P/E ratio of 55.82 and a beta of 0.67. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a fifty day moving average of $8.62 and a two-hundred day moving average of $8.05.

Alight (NYSE:ALIT – Get Rating) last posted its quarterly earnings results on Thursday, November 3rd. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.02. Alight had a net margin of 2.46% and a return on equity of 3.65%. The firm had revenue of $750.00 million during the quarter, compared to analysts’ expectations of $737.57 million. During the same period in the prior year, the company posted $0.18 earnings per share. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, analysts forecast that Alight, Inc. will post 0.31 earnings per share for the current year.

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.