ArrowMark Colorado Holdings LLC Sells 9,793,024 Shares of Alight, Inc. $ALIT

ArrowMark Colorado Holdings LLC trimmed its stake in Alight, Inc. (NYSE:ALIT) by 55.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,927,836 shares of the company’s stock after selling 9,793,024 shares during the period. ArrowMark Colorado Holdings LLC owned 1.49% of Alight worth $25,845,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of ALIT. Algert Global LLC bought a new stake in Alight during the third quarter valued at about $2,002,000. Alliancebernstein L.P. raised its stake in shares of Alight by 1.6% in the third quarter. Alliancebernstein L.P. now owns 438,918 shares of the company’s stock worth $1,431,000 after buying an additional 7,088 shares during the period. Schonfeld Strategic Advisors LLC purchased a new position in shares of Alight during the 3rd quarter valued at about $66,000. Creative Planning grew its stake in shares of Alight by 14.8% during the 3rd quarter. Creative Planning now owns 175,351 shares of the company’s stock valued at $572,000 after acquiring an additional 22,658 shares during the period. Finally, One68 Global Capital LLC bought a new position in shares of Alight during the 3rd quarter valued at approximately $65,000. 96.74% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Bank of America initiated coverage on shares of Alight in a research note on Tuesday, February 17th. They set an “underperform” rating and a $1.40 target price on the stock. KeyCorp downgraded shares of Alight from an “overweight” rating to a “sector weight” rating in a research report on Thursday, February 19th. Citigroup cut shares of Alight from a “buy” rating to a “neutral” rating and lowered their target price for the company from $6.50 to $1.00 in a research note on Friday, February 20th. Needham & Company LLC downgraded shares of Alight from a “buy” rating to a “hold” rating in a report on Thursday, February 19th. Finally, DA Davidson cut their price target on Alight from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Alight has a consensus rating of “Hold” and an average target price of $3.56.

Alight Trading Up 1.3%

ALIT stock opened at $0.92 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.31 and a quick ratio of 1.31. Alight, Inc. has a 1-year low of $0.65 and a 1-year high of $6.39. The business has a 50 day simple moving average of $1.32 and a two-hundred day simple moving average of $2.26. The company has a market capitalization 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 (NYSE:ALIT) last released its quarterly earnings data on Thursday, February 19th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.07). Alight had a negative net margin of 136.91% and a positive return on equity of 9.61%. The company had revenue of $653.00 million for the quarter, compared to the consensus estimate of $654.30 million. Research analysts anticipate that Alight, Inc. will post 0.54 EPS for the current fiscal year.

Insider Transactions at Alight

In related news, CEO Rohit Verma purchased 112,000 shares of Alight stock in a transaction on Thursday, March 12th. The shares were bought 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 in the company, valued at approximately $1,010,045.87. The trade was a 10.95% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.93% of the company’s stock.

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.