Alight, Inc. (NYSE:ALIT – Get Rating) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 16,380,000 shares, a growth of 9.2% from the September 15th total of 15,000,000 shares. Based on an average trading volume of 1,810,000 shares, the days-to-cover ratio is currently 9.0 days. Currently, 7.2% of the company’s stock are short sold.
Hedge Funds Weigh In On Alight
A number of hedge funds and other institutional investors have recently modified their holdings of ALIT. Ovata Capital Management Ltd purchased a new position in shares of Alight in the 1st quarter worth $46,000. Advisor Group Holdings Inc. raised its position in Alight by 65.8% during the first quarter. Advisor Group Holdings Inc. now owns 4,725 shares of the company’s stock valued at $47,000 after purchasing an additional 1,875 shares during the period. Quantbot Technologies LP purchased a new stake in Alight during the first quarter valued at approximately $49,000. Nisa Investment Advisors LLC bought a new stake in shares of Alight in the 2nd quarter valued at approximately $52,000. Finally, PNC Financial Services Group Inc. purchased a new position in shares of Alight in the 1st quarter worth approximately $121,000. Institutional investors own 72.61% of the company’s stock.
Alight Price Performance
Shares of ALIT traded up $0.18 during mid-day trading on Tuesday, reaching $7.91. The stock had a trading volume of 4,256,462 shares, compared to its average volume of 2,935,248. The firm has a market cap of $4.44 billion, a price-to-earnings ratio of 15.37 and a beta of 0.59. Alight has a 12 month low of $6.31 and a 12 month high of $12.00. The business has a fifty day moving average of $7.90 and a 200 day moving average of $7.93. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.22 and a current ratio of 1.22.
Alight (NYSE:ALIT – Get Rating) last released its earnings results on Wednesday, August 3rd. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). Alight had a net margin of 0.17% and a return on equity of 5.42%. The firm had revenue of $715.00 million for the quarter. Equities analysts predict that Alight will post 0.31 EPS for the current year.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on ALIT shares. Credit Suisse Group upped their price target on Alight to $12.00 in a report on Tuesday, August 9th. KeyCorp initiated coverage on shares of Alight in a report on Thursday, September 15th. They set an “overweight” rating and a $15.00 price target on the stock. JPMorgan Chase & Co. started coverage on shares of Alight in a report on Tuesday, August 2nd. They set an “overweight” rating and a $10.00 price objective for the company. Finally, DA Davidson dropped their target price on shares of Alight to $12.00 in a report on Friday, July 22nd.
About Alight
Alight, Inc operates as a cloud-based provider of integrated digital human capital and business solutions worldwide. It operates through three segments: Employer Solutions, Professional Services, and Hosted Business. The company’s solutions enable employees to enrich their health, wealth, and wellbeing, which helps organizations achieve a high-performance culture.