GAMMA Investing LLC Increases Stake in Allegiant Travel Company (NASDAQ:ALGT)

GAMMA Investing LLC boosted its position in Allegiant Travel Company (NASDAQ:ALGT - Free Report) by 5,248.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,207 shares of the transportation company's stock after acquiring an additional 35,530 shares during the quarter. GAMMA Investing LLC owned 0.20% of Allegiant Travel worth $1,870,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ALGT. Public Employees Retirement System of Ohio purchased a new stake in shares of Allegiant Travel in the 4th quarter valued at approximately $3,364,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Allegiant Travel during the fourth quarter worth $655,000. Voloridge Investment Management LLC purchased a new position in Allegiant Travel in the fourth quarter valued at $16,713,000. Woodline Partners LP purchased a new position in Allegiant Travel in the fourth quarter valued at $5,372,000. Finally, ProShare Advisors LLC acquired a new stake in Allegiant Travel in the fourth quarter valued at $438,000. Institutional investors and hedge funds own 85.81% of the company's stock.

Analyst Upgrades and Downgrades

ALGT has been the topic of a number of recent analyst reports. TD Cowen increased their price objective on Allegiant Travel from $35.00 to $50.00 and gave the company a "hold" rating in a report on Monday, May 12th. Morgan Stanley cut their price objective on shares of Allegiant Travel from $93.00 to $85.00 and set an "equal weight" rating on the stock in a report on Monday, May 19th. UBS Group upped their target price on shares of Allegiant Travel from $45.00 to $60.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Raymond James Financial reiterated a "strong-buy" rating and set a $80.00 price target (down from $90.00) on shares of Allegiant Travel in a research note on Wednesday, May 7th. Finally, Susquehanna reduced their price target on shares of Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $63.70.

Allegiant Travel Stock Performance

NASDAQ:ALGT traded down $1.97 during trading hours on Tuesday, reaching $52.27. 448,315 shares of the company's stock were exchanged, compared to its average volume of 429,678. Allegiant Travel Company has a 1-year low of $36.09 and a 1-year high of $107.57. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.57. The firm has a market capitalization of $953.93 million, a price-to-earnings ratio of -4.52, a P/E/G ratio of 0.32 and a beta of 1.74. The company has a 50-day moving average of $51.53 and a 200 day moving average of $69.72.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The transportation company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.27. The business had revenue of $699.07 million during the quarter, compared to the consensus estimate of $700.00 million. Allegiant Travel had a negative net margin of 8.11% and a positive return on equity of 5.46%. The business's quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.57 earnings per share. Research analysts anticipate that Allegiant Travel Company will post 7.7 EPS for the current 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.