Rubric Capital Management LP Grows Holdings in Alight, Inc. (NYSE:ALIT)

Rubric Capital Management LP raised its position in Alight, Inc. (NYSE:ALIT) by 38.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 11,646,679 shares of the company’s stock after purchasing an additional 3,223,617 shares during the period. Alight accounts for 1.4% of Rubric Capital Management LP’s holdings, making the stock its 16th biggest position. Rubric Capital Management LP’s holdings in Alight were worth $86,185,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the company. Wedge Capital Management L L P NC grew its position in Alight by 15.1% during the second quarter. Wedge Capital Management L L P NC now owns 584,574 shares of the company’s stock valued at $4,314,000 after buying an additional 76,485 shares during the period. Highland Peak Capital LLC bought a new stake in shares of Alight in the 3rd quarter worth approximately $5,315,000. Victory Capital Management Inc. lifted its stake in Alight by 28.3% in the second quarter. Victory Capital Management Inc. now owns 6,160,609 shares of the company’s stock valued at $45,465,000 after purchasing an additional 1,358,020 shares during the last quarter. River Road Asset Management LLC grew its holdings in Alight by 2.9% during the third quarter. River Road Asset Management LLC now owns 9,988,254 shares of the company’s stock valued at $73,913,000 after purchasing an additional 286,133 shares during the period. Finally, Rhumbline Advisers raised its stake in shares of Alight by 13.9% in the second quarter. Rhumbline Advisers now owns 757,020 shares of the company’s stock valued at $5,587,000 after buying an additional 92,235 shares during the period. Institutional investors own 96.74% of the company’s stock.

Alight Trading Down 0.9 %

Shares of ALIT stock opened at $8.02 on Wednesday. The business has a 50-day moving average price of $7.36 and a two-hundred day moving average price of $7.35. Alight, Inc. has a 12-month low of $6.15 and a 12-month high of $10.38. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. The firm has a market cap of $4.36 billion, a P/E ratio of -16.71 and a beta of 0.87.

Alight (NYSE:ALIT) last released its earnings results on Tuesday, November 12th. The company reported $0.09 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.09. Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. The company had revenue of $555.00 million during the quarter, compared to the consensus estimate of $538.39 million. During the same quarter in the previous year, the company posted $0.07 EPS. Alight’s quarterly revenue was down .4% compared to the same quarter last year. Equities analysts anticipate that Alight, Inc. will post 0.47 EPS for the current fiscal year.

Alight Dividend Announcement

The firm also recently disclosed a — dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.04 dividend. The ex-dividend date is Monday, December 2nd.

Wall Street Analysts Forecast Growth

ALIT has been the subject of several recent research reports. JPMorgan Chase & Co. lowered Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price objective for the company. in a report on Tuesday, August 20th. Needham & Company LLC raised their price objective on shares of Alight from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Wedbush dropped their target price on Alight from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. KeyCorp lifted their price target on Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Citigroup dropped their price objective on Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.95.

Insider Activity at Alight

In other Alight news, Director William P. Foley II sold 5,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total value of $41,250,000.00. Following the completion of the sale, the director now owns 883,323 shares in the company, valued at approximately $7,287,414.75. The trade was a 84.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Gregory A. George sold 84,929 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $7.60, for a total transaction of $645,460.40. Following the sale, the insider now owns 223,327 shares of the company’s stock, valued at $1,697,285.20. This represents a 27.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.33% of the stock is 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.