Alight (NYSE:ALIT) Announces Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Alight (NYSE:ALIT) announced its quarterly earnings data on Tuesday. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.15, FiscalAI reports. The firm had revenue of $511.00 million during the quarter, compared to analyst estimates of $497.02 million. Alight had a positive return on equity of 13.04% and a negative net margin of 137.50%.

Alight Stock Performance

Shares of Alight stock traded down $2.30 during midday trading on Tuesday, hitting $17.33. The company had a trading volume of 1,159,394 shares, compared to its average volume of 1,319,761. Alight has a 1-year low of $9.58 and a 1-year high of $101.20. The business’s 50 day simple moving average is $16.11 and its two-hundred day simple moving average is $18.02. The stock has a market cap of $463.18 million, a PE ratio of -0.15, a P/E/G ratio of 0.36 and a beta of 1.61. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.42 and a quick ratio of 1.42.

Institutional Trading of Alight

A number of hedge funds have recently modified their holdings of ALIT. Strs Ohio acquired a new stake in shares of Alight during the 1st quarter worth approximately $25,000. Renaissance Technologies LLC acquired a new position in shares of Alight in the fourth quarter valued at $26,000. EverSource Wealth Advisors LLC raised its stake in shares of Alight by 152.1% in the second quarter. EverSource Wealth Advisors LLC now owns 5,201 shares of the company’s stock valued at $29,000 after purchasing an additional 3,138 shares in the last quarter. Danske Bank A S bought a new position in Alight in the third quarter worth $31,000. Finally, Elevation Point Wealth Partners LLC bought a new position in Alight in the third quarter worth $37,000. Institutional investors own 96.74% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on ALIT shares. Weiss Ratings cut shares of Alight from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, May 7th. Wall Street Zen upgraded Alight from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. Finally, DA Davidson increased their price objective on Alight from $2.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $62.57.

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.