Clearbridge Investments LLC Buys New Shares in Allegiant Travel (NASDAQ:ALGT)

Clearbridge Investments LLC purchased a new position in Allegiant Travel (NASDAQ:ALGT) during the second quarter, HoldingsChannel reports. The institutional investor purchased 178,353 shares of the transportation company’s stock, valued at approximately $8,959,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGT. Donald Smith & CO. Inc. lifted its holdings in shares of Allegiant Travel by 166.7% during the 2nd quarter. Donald Smith & CO. Inc. now owns 826,326 shares of the transportation company’s stock worth $41,506,000 after acquiring an additional 516,545 shares during the period. Millennium Management LLC raised its stake in Allegiant Travel by 779.8% during the second quarter. Millennium Management LLC now owns 169,459 shares of the transportation company’s stock worth $8,512,000 after purchasing an additional 150,197 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in shares of Allegiant Travel in the 2nd quarter valued at $4,263,000. Interval Partners LP purchased a new stake in shares of Allegiant Travel during the 1st quarter valued at $5,641,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Allegiant Travel during the 2nd quarter worth $3,122,000. Hedge funds and other institutional investors own 85.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ALGT. Evercore ISI boosted their price target on Allegiant Travel from $60.00 to $65.00 and gave the company an “in-line” rating in a research report on Thursday. Barclays decreased their target price on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Susquehanna cut their price target on shares of Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. TD Cowen boosted their price objective on shares of Allegiant Travel from $33.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Allegiant Travel from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $75.00 to $53.00 in a research report on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $61.25.

Insider Buying and Selling at Allegiant Travel

In other news, Director Gary Ellmer sold 1,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.00, for a total value of $45,000.00. Following the transaction, the director now directly owns 7,490 shares in the company, valued at approximately $337,050. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 1,699 shares of company stock worth $77,350 over the last 90 days. Insiders own 17.50% of the company’s stock.

Allegiant Travel Stock Up 5.1 %

ALGT stock opened at $57.81 on Friday. The company has a market capitalization of $1.05 billion, a P/E ratio of 18.29, a PEG ratio of 6.10 and a beta of 1.65. The firm has a 50 day simple moving average of $44.37 and a 200-day simple moving average of $51.97. The company has a current ratio of 0.74, a quick ratio of 0.71 and a debt-to-equity ratio of 1.30. Allegiant Travel has a twelve month low of $36.08 and a twelve month high of $85.91.

Allegiant Travel (NASDAQ:ALGT) last issued its quarterly earnings results on Wednesday, July 31st. The transportation company reported $1.77 EPS for the quarter, topping the consensus estimate of $0.84 by $0.93. The business had revenue of $666.28 million for the quarter, compared to analysts’ expectations of $657.74 million. Allegiant Travel had a negative net margin of 0.57% and a positive return on equity of 3.48%. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the company posted $4.35 earnings per share. On average, equities research analysts predict that Allegiant Travel will post 0.97 earnings per share for the current fiscal year.

About Allegiant Travel

Allegiant Travel Company, a leisure travel company, provides travel services and products to residents of under-served cities in the United States. The company offers scheduled air transportation on limited-frequency, nonstop flights between under-served cities and leisure destinations. As of February 1, 2024, it operated a fleet of 126 Airbus A320 series aircraft.