1. Alight Inc. (NYSE:ALIT)
Share Price as of December 24: $6.78
Number of Hedge Fund Holders: 40
Alight Inc. (NYSE:ALIT) is a prominent player in the cloud-based human capital technology sector, specializing in employee benefits and well-being solutions. The company provides a comprehensive platform known as Alight Worklife and serves many of the world’s largest organizations. This platform integrates various aspects of employee benefits, including health, wealth, and well-being management. It helps organizations enhance their workforce’s financial security and overall health. Alight Inc. (NYSE:ALIT) is one of the best low-priced stocks to buy in the technology sector.
In February 2024, the company launched Alight LumenAI, a next-generation AI engine that significantly enhances the capabilities of the Alight Worklife platform. This innovative AI integration allows for personalized content delivery, automated decision support, and improved data analytics. By utilizing AI to streamline processes and increase engagement, Alight Inc. (NYSE:ALIT) is positioned to drive better outcomes for both employers and employees. For instance, the new AI personalization features can improve HR outcomes by over 10%, while automation capabilities can drastically reduce document processing times from 10 minutes to nearly instant.
Moreover, Alight Inc.’s (NYSE:ALIT) strategic decisions in 2024 have strengthened its market position. In July, the company sold its Payroll & Professional Services business to focus more on its core offerings. This strategic move is aimed at transforming Alight Inc. (NYSE:ALIT) into a more streamlined company focused on employee wellbeing and benefits, allowing for a simpler operational model. Additionally, the completion of a cloud migration transformation in August has also resulted in a more simplified and efficient Alight Worklife platform. This move is expected to yield $75 million in annual savings.
Alight Inc.’s (NYSE:ALIT) focus on innovation through AI and strategic restructuring for efficiency makes it a compelling technology stock to consider for investment. Its robust platform and commitment to improving position it well for future growth.
Overall, ALIT ranks first among the 10 best low-priced technology stocks to buy now. While we acknowledge the potential of technology companies, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ALIT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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