Alight (NYSE:ALIT) Price Target Raised to $12.00 at Canaccord Genuity Group

Alight (NYSE:ALIT) had its price objective hoisted by investment analysts at Canaccord Genuity Group from $11.00 to $12.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 41.84% from the stock’s current price.

A number of other equities analysts have also recently weighed in on ALIT. Wedbush decreased their price objective on Alight from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Needham & Company LLC raised their price target on Alight from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. lowered Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price target on the stock. in a research report on Tuesday, August 20th. Finally, Citigroup reduced their price target on Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $10.85.

Alight Stock Performance

Shares of NYSE ALIT opened at $8.46 on Wednesday. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of -19.23 and a beta of 0.87. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.55. Alight has a 1-year low of $6.15 and a 1-year high of $10.38. The stock’s 50-day moving average is $7.23 and its 200 day moving average is $7.41.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. lifted its stake in shares of Alight by 20.5% in the 1st quarter. Russell Investments Group Ltd. now owns 1,133,077 shares of the company’s stock valued at $11,161,000 after purchasing an additional 192,405 shares during the period. Wedge Capital Management L L P NC lifted its stake in shares of Alight by 15.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 584,574 shares of the company’s stock valued at $4,314,000 after purchasing an additional 76,485 shares during the period. Victory Capital Management Inc. raised its stake in Alight by 28.3% during the second quarter. Victory Capital Management Inc. now owns 6,160,609 shares of the company’s stock valued at $45,465,000 after buying an additional 1,358,020 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Alight during the first quarter valued at $4,237,000. Finally, River Road Asset Management LLC raised its stake 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 buying an additional 286,133 shares during the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

About Alight

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.