ArrowMark Colorado Holdings LLC recently announced the acquisition of new stake in Alight Inc. (NYSE:ALIT). The institutional investor has increased its shareholding in the Technology company by 17.76% to 27.77 million shares with purchase of 4.19 million shares. This fresh investment now brings its stake to 5.58% valued currently at $271.56 million. In addition, BlackRock Fund Advisors raised its holdings by 1.08 million to 23.24 million shares. And Janus Henderson Investors US LLC has lifted its position by 6.51% or 1.13 million shares – to 18.47 million shares.
With over 3.4 million Alight Inc. (ALIT) shares trading Tuesday and a closing price of $7.55 on the day, the dollar volume was approximately $25.64 million. The shares have shown a negative half year performance of -13.02% and its price on 09/12/23 gained nearly 2.30%. Currently, there are 490.31M common shares owned by the public and among those 392.80M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for ALIT have a consensus price objective of $12.88. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $12.00. The average price target is 41.92% above its recent price level and an upside to the estimated low will see the stock gain 37.08% over that period. But an upside of 49.67% will see the stock hit the forecast high price target while median target price for the stock is $12.50.
Insiders at the company have transacted a total of 123 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 54 of these insider trades were purchases, accounting for 81,145,891 shares. Insider sales of the common stock occurred on 69 occasions, with total insider shares sold totaling 226,038,742 shares.
The top 3 mutual fund holders in Alight Inc. are Janus Henderson Triton Fund, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. Janus Henderson Triton Fund owns 12.54 million shares of the company’s stock, all valued at over $122.67 million. Vanguard Total Stock Market ETF sold 16381.0 shares to see its total holdings shrink to 10.66 million shares valued at over $104.26 million and representing 2.14% of the shares outstanding. iShares Russell 2000 ETF bought 46860.0 shares to bring its total holdings to over 9.05 million shares at a value of $88.51 million. iShares Russell 2000 ETF now owns shares totaling to 1.82% of the shares outstanding.
Shares of Alight Inc. (NYSE: ALIT) opened at $7.39, up $0.01 from a prior closing price of $7.38. However, the script later moved the day high at 7.57, up 2.30%. The company’s stock has a 5-day price change of 0.53% and -15.74% over the past three months. ALIT shares are trading -9.69% year to date (YTD), with the 12-month market performance down to -7.36% lower. It has a 12-month low price of $7.01 and touched a high of $10.19 over the same period. ALIT has an average intraday trading volume of 2.59 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.04%, -13.09%, and -14.83% respectively.
Institutional ownership of Alight Inc. (NYSE: ALIT) shares accounts for 94.90% of the company’s 490.31M shares outstanding. Mutual fund holders own 27.82%, while other institutional holders and individual stakeholders account for 44.25% and 15.20% respectively.
It has a market capitalization of $4.29B and a beta (3y monthly) value of 0.80. The earnings-per-share (ttm) stands at -$0.50. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.18% over the week and 2.32% over the month.
Analysts forecast that Alight Inc. (ALIT) will achieve an EPS of $0.12 for the current quarter, $0.25 for the next quarter and $0.72 for 2024. The lowest estimate earnings-per-share for the quarter is $0.09 while analysts give the company a high EPS estimate of $0.16. Comparatively, EPS for the current quarter was $0.12 a year ago. Earnings per share for the fiscal year are expected to increase by 0.90%, and 11.35% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Alight Inc. (ALIT) as a “Strong Buy” at a consensus score of 1.60. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 0 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ALIT, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on June 13, 2023, with the firm’s price target at $12.
