Invenomic Capital Management LP Increases Stake in Alight, Inc. (NYSE:ALIT)

Invenomic Capital Management LP boosted its position in shares of Alight, Inc. (NYSE:ALIT) by 19.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,158,923 shares of the company’s stock after purchasing an additional 189,783 shares during the quarter. Invenomic Capital Management LP owned about 0.21% of Alight worth $11,415,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ALIT. First Horizon Advisors Inc. lifted its stake in shares of Alight by 38.9% in the 4th quarter. First Horizon Advisors Inc. now owns 6,776 shares of the company’s stock worth $58,000 after purchasing an additional 1,897 shares during the period. Motco bought a new position in shares of Alight in the 1st quarter worth approximately $95,000. Duality Advisers LP bought a new stake in Alight during the 1st quarter worth approximately $119,000. Tokio Marine Asset Management Co. Ltd. bought a new stake in Alight during the 1st quarter worth approximately $147,000. Finally, Saxon Interests Inc. raised its stake in Alight by 15.4% during the 1st quarter. Saxon Interests Inc. now owns 19,668 shares of the company’s stock worth $194,000 after acquiring an additional 2,632 shares during the period. 96.74% of the stock is owned by hedge funds and other institutional investors.

Alight Price Performance

Shares of ALIT stock traded up $0.05 on Tuesday, reaching $7.65. The company’s stock had a trading volume of 2,992,473 shares, compared to its average volume of 6,219,792. The stock’s fifty day simple moving average is $7.44 and its 200-day simple moving average is $8.47. Alight, Inc. has a 1 year low of $6.33 and a 1 year high of $10.38. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $4.30 billion, a price-to-earnings ratio of -12.40, a price-to-earnings-growth ratio of 1.50 and a beta of 0.87.

Alight (NYSE:ALIT) last posted its earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. Alight had a negative net margin of 9.19% and a positive return on equity of 5.14%. The firm had revenue of $816.00 million during the quarter, compared to analyst estimates of $832.41 million. Analysts forecast that Alight, Inc. will post 0.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. KeyCorp decreased their target price on shares of Alight from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, July 11th. Wedbush decreased their target price on shares of Alight from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Friday, May 10th. Bank of America decreased their target price on shares of Alight from $10.00 to $9.50 and set a “buy” rating on the stock in a research note on Tuesday, June 25th. DA Davidson reaffirmed a “buy” rating and set a $12.00 price objective on shares of Alight in a report on Thursday, June 20th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Alight in a report on Monday, July 1st. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $11.61.

Insider Buying and Selling

In other news, COO Katie J. Rooney sold 47,851 shares of Alight stock in a transaction on Monday, July 8th. The stock was sold at an average price of $7.11, for a total transaction of $340,220.61. Following the completion of the sale, the chief operating officer now directly owns 2,880,753 shares in the company, valued at $20,482,153.83. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.33% of the stock is owned by corporate 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.