Alight, Inc. (NYSE:ALIT) Chief Executive Officer Stephan Scholl has sold a significant portion of his holdings in the company, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on March 20, 2024, involved the sale of 428,574 shares of Class A common stock at a weighted average price of $9.8078 per share, totaling approximately $4.2 million.
The sale was conducted under a Rule 10b5-1 trading plan, which Scholl had adopted on September 13, 2023. Such trading plans are typically established to allow insiders to sell shares over a set period of time, as part of a strategy for asset diversification and financial planning. The shares were sold in a price range from $9.50 to $10.075, as stated in the filing.
Following the sale, Scholl's remaining ownership in Alight includes 8,198,199 shares, which accounts for both vested and unvested restricted stock units as well as restricted Class A common stock as per the company's 2021 Omnibus Incentive Plan.
Alight, Inc., headquartered in Lincolnshire, Illinois, operates in the business services sector and is known for providing cloud-based human capital solutions. The sale by the CEO is a notable transaction for investors keeping an eye on insider activity within the company.
InvestingPro Insights
Alight, Inc. (NYSE:ALIT) has attracted investor attention with a notable insider transaction and its recent financial performance. According to InvestingPro data, Alight boasts a market capitalization of approximately $5.95 billion, highlighting its significant presence in the business services sector. The company's revenue for the last twelve months as of Q4 2023 stands at $3.41 billion, with a growth rate of 8.88%, showcasing its ability to expand in a competitive market.
Despite not being profitable over the last twelve months, analysts are predicting a turnaround for Alight, forecasting net income growth this year. This optimism is reflected in the company's stock performance, with a strong return over the last three months, culminating in a price that is nearing its 52-week high, at 99.71% of this peak value. Investors should note that the stock's recent performance includes a significant price uptick over the last six months, with a 37.78% total return.
One of the InvestingPro Tips for Alight indicates that three analysts have revised their earnings estimates downwards for the upcoming period, suggesting potential headwinds or a tempering of expectations. Additionally, the Relative Strength Index (RSI) suggests that the stock is currently in overbought territory, which could indicate a pullback in the near term.
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