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Richard N. Massey, a director at Alight, Inc. (NYSE:ALIT), recently made a significant stock purchase, according to a filing with the Securities and Exchange Commission. On March 10, Massey acquired 100,000 shares of Alight’s Class A common stock. The shares were purchased at a weighted average price of $6.3942 per share, with the total transaction amounting to approximately $639,420. The purchase comes as the stock trades near its 52-week low of $5.97, with analysts setting price targets between $8 and $12. According to InvestingPro analysis, Alight appears undervalued at current levels.
The purchase was executed within a price range of $6.377 to $6.40 per share. Following this transaction, Massey now holds 1,573,489 shares in the company, which includes restricted stock units scheduled to vest in the future. This acquisition reflects Massey’s continued investment in Alight, a provider of business services headquartered in Lincolnshire, Illinois. InvestingPro data reveals management has been actively buying back shares, with analysts expecting profitability this year. Discover more insights with InvestingPro’s comprehensive research report, covering 1,400+ top stocks including ALIT.
In other recent news, Alight Solutions reported its fourth-quarter earnings, which fell slightly short of analyst expectations. Despite this, DA Davidson maintained its Buy rating with a $10 price target, citing confidence in Alight’s long-term potential and the company’s guidance for an adjusted EBITDA increase by 2025. The firm noted a restructuring program expected to save $55 million annually, potentially boosting financial health. Additionally, Alight announced a quarterly dividend of $0.04 per share for its Class A Common Stock, reflecting its commitment to shareholder value.
Significant changes were also made to Alight’s Board of Directors, with Russell Fradin appointed as the new Chairman, succeeding William Foley, II. The board changes are part of an agreement with Starboard Value, aiming to enhance leadership and oversight. Meanwhile, JPMorgan maintained a Neutral rating on Alight, adjusting revenue growth expectations for 2025 due to a conservative outlook on nonrecurring project revenue. Nevertheless, the firm expects Alight to achieve a growth rate of 4-6% by 2026.
In leadership developments, Alight promoted Allison Bassiouni to Chief Delivery Officer and Deepika Duggirala to Chief Technology Officer, effective January 1, 2025. These appointments are part of Alight’s strategy to enhance service delivery and accelerate technological innovation. CEO Dave Guilmette expressed confidence in the new leaders’ ability to drive growth and value creation.
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