Posted by Defense World Staff on Jun 15th, 2024
Onex Canada Asset Management Inc. reduced its position in shares of Alight, Inc. (NYSE:ALIT – Free Report) by 34.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,643,025 shares of the company’s stock after selling 855,715 shares during the quarter. Alight accounts for approximately 1.4% of Onex Canada Asset Management Inc.’s investment portfolio, making the stock its 22nd biggest holding. Onex Canada Asset Management Inc. owned approximately 0.30% of Alight worth $14,015,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the company. Owls Nest Partners IA LLC bought a new position in shares of Alight during the 4th quarter worth approximately $597,000. Palogic Value Management L.P. increased its holdings in shares of Alight by 12.5% in the fourth quarter. Palogic Value Management L.P. now owns 225,000 shares of the company’s stock valued at $1,919,000 after purchasing an additional 25,000 shares during the last quarter. Glenview Capital Management LLC raised its position in shares of Alight by 11.2% in the fourth quarter. Glenview Capital Management LLC now owns 18,202,012 shares of the company’s stock valued at $155,263,000 after purchasing an additional 1,835,481 shares during the period. Greenlight Capital Inc. acquired a new stake in shares of Alight during the 4th quarter worth about $78,831,000. Finally, Cantor Fitzgerald L. P. acquired a new position in Alight in the 4th quarter valued at $426,000. Institutional investors and hedge funds own 96.74% of the company’s stock.
Alight Price Performance
Shares of NYSE:ALIT opened at $7.18 on Friday. Alight, Inc. has a one year low of $6.33 and a one year high of $10.38. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.57 and a quick ratio of 1.57. The company has a market cap of $4.03 billion, a price-to-earnings ratio of -11.58, a PEG ratio of 1.20 and a beta of 0.88. The firm has a 50 day simple moving average of $8.38 and a 200 day simple moving average of $8.67.
Alight (NYSE:ALIT – Get Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. Alight had a positive return on equity of 5.14% and a negative net margin of 9.19%. The company had revenue of $816.00 million during the quarter, compared to analysts’ expectations of $832.41 million. Research analysts predict that Alight, Inc. will post 0.52 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on the company. Needham & Company LLC reduced their target price on Alight from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Canaccord Genuity Group increased their price objective on shares of Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. KeyCorp dropped their target price on shares of Alight from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, May 9th. Wedbush reduced their price target on shares of Alight from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Finally, UBS Group boosted 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. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Alight has an average rating of “Buy” and an average target price of $12.00.
Check Out Our Latest Report on Alight
Insider Buying and Selling at Alight
In other news, CEO Stephan Scholl sold 83,016 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the sale, the chief executive officer now directly owns 8,115,183 shares in the company, valued at $771,753,903.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Stephan Scholl sold 83,016 shares of the firm’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the completion of the transaction, the chief executive officer now owns 8,115,183 shares of the company’s stock, valued at $771,753,903.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Katie J. Rooney sold 2,777 shares of Alight stock in a transaction on Monday, April 1st. The stock was sold at an average price of $9.70, for a total transaction of $26,936.90. Following the transaction, the insider now owns 2,927,314 shares in the company, valued at approximately $28,394,945.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 516,865 shares of company stock worth $12,151,049. 5.33% of the stock is currently owned by insiders.
Alight Company Profile
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.
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