Seven Eight Capital LP Makes New $781,000 Investment in Allegiant Travel (NASDAQ:ALGT)

Seven Eight Capital LP acquired a new stake in Allegiant Travel (NASDAQ:ALGT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 15,554 shares of the transportation company’s stock, valued at approximately $781,000. Seven Eight Capital LP owned approximately 0.09% of Allegiant Travel at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Mercer Global Advisors Inc. ADV purchased a new position in Allegiant Travel in the second quarter valued at approximately $4,263,000. Renaissance Technologies LLC acquired a new stake in shares of Allegiant Travel in the second quarter worth $1,728,000. Donald Smith & CO. Inc. raised its stake in shares of Allegiant Travel by 166.7% in the 2nd quarter. Donald Smith & CO. Inc. now owns 826,326 shares of the transportation company’s stock valued at $41,506,000 after acquiring an additional 516,545 shares during the period. WINTON GROUP Ltd lifted its holdings in shares of Allegiant Travel by 81.7% during the 2nd quarter. WINTON GROUP Ltd now owns 65,808 shares of the transportation company’s stock valued at $3,306,000 after acquiring an additional 29,587 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its position in Allegiant Travel by 1.9% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 945,839 shares of the transportation company’s stock worth $47,509,000 after purchasing an additional 17,792 shares during the period. Hedge funds and other institutional investors own 85.81% of the company’s stock.

Allegiant Travel Trading Up 6.4 %

ALGT opened at $45.81 on Friday. The stock has a market capitalization of $835.21 million, a PE ratio of 14.50, a P/E/G ratio of 5.50 and a beta of 1.64. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.74 and a quick ratio of 0.71. Allegiant Travel has a 12-month low of $36.08 and a 12-month high of $85.91. The firm’s fifty day moving average price is $43.92 and its 200 day moving average price is $53.10.

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. As a group, research analysts expect that Allegiant Travel will post 0.96 EPS for the current fiscal year.

Insider Activity

In related news, Director Gary Ellmer sold 1,000 shares of the firm’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 transaction, the director now directly owns 7,490 shares in the company, valued at $337,050. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 17.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on ALGT shares. Barclays cut their price objective on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Susquehanna dropped their target price on Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Evercore ISI decreased their price target on Allegiant Travel from $85.00 to $60.00 and set an “in-line” rating for the company in a report on Monday, July 15th. Morgan Stanley dropped their price objective on shares of Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Monday, July 8th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Allegiant Travel from a “buy” rating to a “hold” rating and decreased their target price for the company from $75.00 to $53.00 in a research note on Monday, July 8th. Two equities research 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 price target of $59.50.

Allegiant Travel Company 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.