Alight (NYSE:ALIT) Shares Gap Up After Dividend Announcement

Alight, Inc. (NYSE:ALIT)’s share price gapped up before the market opened on Tuesday after the company announced a dividend. The stock had previously closed at $7.46, but opened at $8.60. Alight shares last traded at $8.81, with a volume of 2,663,187 shares traded.

The newly announced dividend which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.04 dividend. The ex-dividend date of this dividend is Monday, December 2nd.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Citigroup lowered their target price on Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Canaccord Genuity Group upped their price objective on shares of Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday. KeyCorp lifted their price objective on shares of Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. lowered shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 target price on the stock. in a report on Tuesday, August 20th. Finally, Wedbush cut their price target on Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Alight currently has an average rating of “Moderate Buy” and an average price target of $10.95.

Alight Stock Down 0.4 %

The stock has a 50-day moving average of $7.25 and a 200 day moving average of $7.42. The company has a market capitalization of $4.60 billion, a PE ratio of -17.55 and a beta of 0.87. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.55.

Alight (NYSE:ALIT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.09 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.09. The firm had revenue of $555.00 million during the quarter, compared to the consensus estimate of $538.39 million. Alight had a positive return on equity of 5.53% and a negative net margin of 7.95%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 EPS. Sell-side analysts anticipate that Alight, Inc. will post 0.42 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Swiss National Bank grew its holdings in Alight by 4.0% during the first quarter. Swiss National Bank now owns 713,500 shares of the company’s stock valued at $7,028,000 after purchasing an additional 27,700 shares during the period. Sei Investments Co. grew its stake in shares of Alight by 213.9% during the 1st quarter. Sei Investments Co. now owns 252,330 shares of the company’s stock worth $2,486,000 after acquiring an additional 171,941 shares during the period. Russell Investments Group Ltd. increased its holdings in Alight by 20.5% in the 1st quarter. Russell Investments Group Ltd. now owns 1,133,077 shares of the company’s stock worth $11,161,000 after acquiring an additional 192,405 shares during the last quarter. ProShare Advisors LLC increased its holdings in Alight by 8.6% in the 1st quarter. ProShare Advisors LLC now owns 74,491 shares of the company’s stock worth $734,000 after acquiring an additional 5,905 shares during the last quarter. Finally, Nwam LLC bought a new stake in Alight in the 1st quarter valued at about $2,079,000. 96.74% of the stock is owned by institutional investors.

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.