Glenview Capital Management LLC Raises Stock Position in Alight, Inc. (NYSE:ALIT)

Glenview Capital Management LLC raised its holdings in Alight, Inc. (NYSE:ALIT) by 80.7% in the first quarter, Holdings Channel.com reports. The fund owned 14,144,591 shares of the company’s stock after acquiring an additional 6,318,617 shares during the quarter. Alight makes up about 2.9% of Glenview Capital Management LLC’s investment portfolio, making the stock its 9th largest position. Glenview Capital Management LLC’s holdings in Alight were worth $130,272,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Advisor Group Holdings Inc. raised its holdings in shares of Alight by 65.8% during the 1st 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 in the last quarter. PNC Financial Services Group Inc. acquired a new position in Alight during the first quarter worth $121,000. Natixis Advisors L.P. raised its holdings in Alight by 20.1% during the first quarter. Natixis Advisors L.P. now owns 166,182 shares of the company’s stock valued at $1,653,000 after buying an additional 27,810 shares in the last quarter. Rhumbline Advisers acquired a new stake in shares of Alight in the first quarter worth about $129,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Alight during the 1st quarter worth about $569,000. 79.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ALIT. Needham & Company LLC restated a “buy” rating and issued a $13.00 target price on shares of Alight in a report on Wednesday, August 2nd. Citigroup began coverage on shares of Alight in a report on Monday, June 12th. They set a “buy” rating and a $12.00 price objective for the company. TheStreet upgraded shares of Alight from a “d” rating to a “c-” rating in a report on Thursday, August 17th. Finally, KeyCorp decreased their price target on shares of Alight from $15.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 3rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $13.00.

Alight Stock Performance

ALIT stock traded up $0.12 on Tuesday, reaching $7.50. 265,219 shares of the company were exchanged, compared to its average volume of 2,873,525. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.23 and a quick ratio of 1.23. Alight, Inc. has a 12 month low of $7.01 and a 12 month high of $10.19. The stock’s fifty day moving average price is $8.65 and its 200 day moving average price is $8.85. The firm has a market capitalization of $4.18 billion, a PE ratio of -14.76, a PEG ratio of 2.01 and a beta of 0.79.

Alight (NYSE:ALIT) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.01. Alight had a negative net margin of 7.12% and a positive return on equity of 3.32%. The company had revenue of $806.00 million for the quarter, compared to the consensus estimate of $796.54 million. On average, research analysts anticipate that Alight, Inc. will post 0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Holdings I/Ii Gp L. Blackstone sold 14,704,603 shares of Alight stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $7.98, for a total transaction of $117,342,731.94. Following the sale, the insider now owns 43,602 shares of the company’s stock, valued at approximately $347,943.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.96% of the company’s stock.

Alight Profile

Alight, Inc provides cloud-based integrated digital human capital and business solutions in the United States and internationally. 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.