Millennium Management LLC Has $8.51 Million Stock Holdings in Allegiant Travel (NASDAQ:ALGT)

Millennium Management LLC grew its stake in shares of Allegiant Travel (NASDAQ:ALGT) by 779.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 169,459 shares of the transportation company’s stock after purchasing an additional 150,197 shares during the quarter. Millennium Management LLC owned about 0.93% of Allegiant Travel worth $8,512,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in ALGT. Innealta Capital LLC bought a new position in shares of Allegiant Travel in the second quarter valued at $34,000. CWM LLC increased its stake in shares of Allegiant Travel by 275.1% during the 2nd quarter. CWM LLC now owns 1,268 shares of the transportation company’s stock worth $64,000 after purchasing an additional 930 shares during the last quarter. Headlands Technologies LLC raised its holdings in shares of Allegiant Travel by 170.6% in the 2nd quarter. Headlands Technologies LLC now owns 2,522 shares of the transportation company’s stock valued at $127,000 after purchasing an additional 1,590 shares during the period. SG Americas Securities LLC acquired a new stake in Allegiant Travel in the 1st quarter valued at about $141,000. Finally, ProShare Advisors LLC grew its holdings in Allegiant Travel by 6.9% during the first quarter. ProShare Advisors LLC now owns 3,155 shares of the transportation company’s stock worth $237,000 after purchasing an additional 203 shares during the period. Institutional investors own 85.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ALGT shares. Morgan Stanley cut their price objective on Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating for the company in a research report on Monday, July 8th. Barclays dropped their price target on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft cut shares of Allegiant Travel from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $75.00 to $53.00 in a research report on Monday, July 8th. TD Cowen increased their price objective on shares of Allegiant Travel from $33.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, October 3rd. Finally, Susquehanna cut their target price on shares of Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Allegiant Travel currently has an average rating of “Hold” and a consensus target price of $61.25.

Insider Activity

In related news, Director Gary Ellmer sold 1,000 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $45.00, for a total transaction of $45,000.00. Following the completion of the sale, the director now directly owns 7,490 shares in the company, valued at $337,050. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have sold 1,699 shares of company stock worth $77,350. Insiders own 17.50% of the company’s stock.

Allegiant Travel Stock Down 3.0 %

Shares of NASDAQ ALGT opened at $55.92 on Wednesday. The stock has a market capitalization of $1.02 billion, a P/E ratio of 17.70, a PEG ratio of 6.10 and a beta of 1.65. The stock’s fifty day moving average is $44.51 and its 200 day moving average is $51.52. Allegiant Travel has a 52 week low of $36.08 and a 52 week high of $85.91. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.71 and a current ratio of 0.74.

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

Allegiant Travel Profile

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.