Inspire Investing LLC Decreases Position in Allegiant Travel (NASDAQ:ALGT)

Inspire Investing LLC lowered its stake in Allegiant Travel (NASDAQ:ALGT) by 24.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,928 shares of the transportation company’s stock after selling 2,204 shares during the quarter. Inspire Investing LLC’s holdings in Allegiant Travel were worth $348,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. XTX Topco Ltd purchased a new stake in shares of Allegiant Travel during the second quarter valued at approximately $764,000. First Eagle Investment Management LLC increased its stake in Allegiant Travel by 39.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 144,013 shares of the transportation company’s stock worth $7,234,000 after buying an additional 40,500 shares during the period. Seven Eight Capital LP acquired a new position in Allegiant Travel in the 2nd quarter worth $781,000. Mercer Global Advisors Inc. ADV purchased a new position in Allegiant Travel in the 2nd quarter valued at about $4,263,000. Finally, Renaissance Technologies LLC purchased a new position in Allegiant Travel in the 2nd quarter valued at about $1,728,000. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

Allegiant Travel Stock Up 5.1 %

Shares of NASDAQ:ALGT opened at $48.51 on Wednesday. Allegiant Travel has a 1-year low of $36.08 and a 1-year high of $85.91. The company’s fifty day moving average is $43.75 and its two-hundred day moving average is $52.59. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.71 and a current ratio of 0.74. The stock has a market capitalization of $884.43 million, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 5.50 and a beta of 1.64.

Allegiant Travel (NASDAQ:ALGT) last issued its earnings results on Wednesday, July 31st. The transportation company reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.93. The firm 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%. Allegiant Travel’s revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the company posted $4.35 earnings per share. Equities analysts anticipate that Allegiant Travel will post 0.96 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. TD Cowen cut their price target on Allegiant Travel from $39.00 to $33.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft cut Allegiant Travel from a “buy” rating to a “hold” rating and reduced their target price for the company from $75.00 to $53.00 in a research note on Monday, July 8th. Barclays dropped their price target on shares of Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Evercore ISI reduced their price objective on shares of Allegiant Travel from $85.00 to $60.00 and set an “in-line” rating on the stock in a research note on Monday, July 15th. Finally, Susquehanna decreased their price objective on shares of Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $59.50.

Insiders Place Their Bets

In other news, Director Gary Ellmer sold 1,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $45.00, for a total transaction of $45,000.00. Following the completion of the transaction, the director now owns 7,490 shares of the company’s stock, valued at $337,050. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 17.50% of the stock is owned by corporate insiders.

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.