Wedbush Weighs in on Alight, Inc.’s Q1 2024 Earnings (NYSE:ALIT)

Alight, Inc. (NYSE:ALIT) – Investment analysts at Wedbush cut their Q1 2024 EPS estimates for shares of Alight in a research report issued on Thursday, April 25th. Wedbush analyst D. Ives now anticipates that the company will earn $0.08 per share for the quarter, down from their prior estimate of $0.10. Wedbush currently has a “Outperform” rating and a $14.00 price target on the stock. The consensus estimate for Alight’s current full-year earnings is $0.50 per share. Wedbush also issued estimates for Alight’s Q3 2024 earnings at $0.14 EPS, Q1 2025 earnings at $0.13 EPS, Q3 2025 earnings at $0.14 EPS and FY2025 earnings at $0.59 EPS.

Other analysts have also recently issued research reports about the stock. UBS Group raised their price objective on shares of Alight from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Canaccord Genuity Group raised their price objective on shares of Alight from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Citigroup reiterated a “buy” rating and issued a $12.00 target price on shares of Alight in a research report on Friday, January 5th. Finally, Needham & Company LLC lifted their target price on shares of Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $12.71.

Alight Price Performance

Shares of NYSE:ALIT opened at $9.11 on Friday. The company’s fifty day moving average price is $9.28 and its 200-day moving average price is $8.44. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of -16.55, a PEG ratio of 1.78 and a beta of 0.92. Alight has a one year low of $6.33 and a one year high of $10.38.

Alight (NYSE:ALIT) last posted its earnings results on Wednesday, February 21st. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The business had revenue of $960.00 million for the quarter, compared to analyst estimates of $1.03 billion. Alight had a negative net margin of 7.80% and a positive return on equity of 5.09%.

Insider Activity

In related news, insider Katie J. Rooney sold 7,100 shares of Alight stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $9.00, for a total transaction of $63,900.00. Following the completion of the transaction, the insider now directly owns 2,999,434 shares of the company’s stock, valued at approximately $26,994,906. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Stephan Scholl sold 428,574 shares of Alight stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $9.81, for a total transaction of $4,204,310.94. Following the completion of the transaction, the chief executive officer now directly owns 8,198,199 shares of the company’s stock, valued at approximately $80,424,332.19. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Katie J. Rooney sold 7,100 shares of Alight stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $9.00, for a total transaction of $63,900.00. Following the completion of the transaction, the insider now directly owns 2,999,434 shares of the company’s stock, valued at $26,994,906. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 550,129 shares of company stock valued at $12,449,117. Corporate insiders own 3.96% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ALIT. Greenlight Capital Inc. purchased a new position in Alight in the fourth quarter worth about $78,831,000. Norges Bank purchased a new position in Alight in the fourth quarter worth about $42,947,000. Fidelity National Financial Inc. raised its holdings in Alight by 33.3% in the third quarter. Fidelity National Financial Inc. now owns 20,000,000 shares of the company’s stock worth $141,800,000 after buying an additional 5,000,000 shares during the last quarter. UBS Group AG raised its holdings in Alight by 1,767.5% in the fourth quarter. UBS Group AG now owns 4,998,050 shares of the company’s stock worth $42,633,000 after buying an additional 4,730,410 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Alight by 33.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,171,721 shares of the company’s stock worth $103,826,000 after buying an additional 3,018,711 shares during the last quarter. 96.74% of the stock is owned by hedge funds and other institutional investors.

About Alight

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.