Alight, Inc. (NYSE:ALIT) Position Lessened by PNC Financial Services Group Inc. (2024)

PNC Financial Services Group Inc. reduced its stake in shares of Alight, Inc. (NYSE:ALIT – Free Report) by 57.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,453 shares of the company’s stock after selling 23,996 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Alight were worth $149,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Greenlight Capital Inc. acquired a new stake in shares of Alight in the 4th quarter worth about $78,831,000. Norges Bank bought a new stake in shares of Alight during the fourth quarter valued at approximately $42,947,000. UBS Group AG boosted its position in shares of Alight by 1,767.5% during the fourth quarter. UBS Group AG now owns 4,998,050 shares of the company’s stock worth $42,633,000 after buying an additional 4,730,410 shares during the period. Dimensional Fund Advisors LP grew its holdings in Alight by 33.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 12,171,721 shares of the company’s stock worth $103,826,000 after buying an additional 3,018,711 shares in the last quarter. Finally, Fidelity National Financial Inc. increased its position in Alight by 11.5% in the 4th quarter. Fidelity National Financial Inc. now owns 22,300,000 shares of the company’s stock valued at $190,219,000 after acquiring an additional 2,300,000 shares during the period. 96.74% of the stock is currently owned by institutional investors.

Insider Transactions at Alight

In other news, CEO Stephan Scholl sold 83,016 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the sale, the chief executive officer now owns 8,115,183 shares in the company, valued at $771,753,903.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.33% of the stock is currently owned by insiders.

Alight Price Performance

NYSE ALIT opened at $7.10 on Friday. Alight, Inc. has a 1 year low of $6.33 and a 1 year high of $10.38. The business’s fifty day moving average is $7.84 and its two-hundred day moving average is $8.61. The stock has a market capitalization of $3.99 billion, a P/E ratio of -11.45, a P/E/G ratio of 1.39 and a beta of 0.87. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.57 and a current ratio of 1.57.

Alight (NYSE:ALIT – Get Free Report) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. The business had revenue of $816.00 million during the quarter, compared to analyst estimates of $832.41 million. Alight had a positive return on equity of 5.14% and a negative net margin of 9.19%. On average, research analysts forecast that Alight, Inc. will post 0.52 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Alight in a research note on Monday. KeyCorp lowered their target price on shares of Alight from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Thursday, May 9th. Bank of America reduced their price target on shares of Alight from $10.00 to $9.50 and set a “buy” rating for the company in a research note on Tuesday, June 25th. DA Davidson reiterated a “buy” rating and set a $12.00 price objective on shares of Alight in a research note on Thursday, June 20th. Finally, Wedbush cut their target price on Alight from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, Alight has a consensus rating of “Buy” and a consensus price target of $11.72.

Get Our Latest Stock Report on ALIT

Alight Profile

(Free Report)

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.

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