Amalgamated Bank Purchases 2,289 Shares of Alight, Inc. (NYSE:ALIT)

Amalgamated Bank increased its holdings in Alight, Inc. (NYSE:ALIT) by 16.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,434 shares of the company’s stock after purchasing an additional 2,289 shares during the period. Amalgamated Bank’s holdings in Alight were worth $121,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its stake in shares of Alight by 65.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock valued at $55,000 after purchasing an additional 2,961 shares during the period. Motco acquired a new stake in shares of Alight during the 1st quarter worth approximately $95,000. Ingalls & Snyder LLC grew its position in shares of Alight by 20.9% during the 2nd quarter. Ingalls & Snyder LLC now owns 12,919 shares of the company’s stock worth $95,000 after buying an additional 2,235 shares during the period. CIBC Asset Management Inc bought a new stake in shares of Alight during the second quarter worth approximately $105,000. Finally, Duality Advisers LP acquired a new position in Alight in the first quarter valued at approximately $119,000. Institutional investors own 96.74% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. DA Davidson reaffirmed a “buy” rating and set a $12.00 target price on shares of Alight in a report on Thursday, June 20th. Citigroup lowered their price objective on shares of Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Wedbush cut their price objective on shares of Alight from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Bank of America decreased their target price on shares of Alight from $10.00 to $9.50 and set a “buy” rating for the company in a research report on Tuesday, June 25th. Finally, Needham & Company LLC reissued a “buy” rating and set a $9.00 price target on shares of Alight in a research report on Monday. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.75.

Insider Buying and Selling

In other Alight news, COO Katie J. Rooney sold 47,851 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $7.11, for a total value of $340,220.61. Following the completion of the sale, the chief operating officer now owns 2,880,753 shares of the company’s stock, valued at $20,482,153.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.33% of the stock is owned by company insiders.

Alight Stock Performance

NYSE:ALIT opened at $7.21 on Wednesday. The company has a market cap of $3.94 billion, a price-to-earnings ratio of -11.63 and a beta of 0.86. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.37 and a current ratio of 1.37. The stock has a fifty day moving average price of $7.19 and a 200-day moving average price of $7.87. Alight, Inc. has a fifty-two week low of $6.15 and a fifty-two week high of $10.38.

Alight (NYSE:ALIT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. Alight had a negative net margin of 6.58% and a positive return on equity of 5.42%. The firm had revenue of $787.00 million during the quarter, compared to the consensus estimate of $791.22 million. As a group, equities analysts anticipate that Alight, Inc. will post 0.42 EPS for the current fiscal year.

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.