Alight's $ALIT stock has been obliterated, now down to $2 from roughly $8 in about a year.

While the trend continues to be downward, it’s interesting to see that insiders stopped selling and started buying.

Alight has been working diligently to improve operations, a.o. selling its Professional Services, delevering the balance sheet and improving efficiencies (ao with a big cloud migration), which should lift margins over the next few years.

There’s also a new CEO.

Starboard was the largest shareholder at ~9% which recently dropped to 0%.

Keeping an eye on this one. Should the business even stabilise at ~$600m ebitda and ~50% FCF conversion, 5x ev/ebitda is too low.