Drive Wealth Management LLC Purchases Shares of 7,871 Allegiant Travel Company $ALGT

Key Points

• Drive Wealth Management LLC has acquired 7,871 shares of Allegiant Travel Company, worth approximately $433,000, indicating growing confidence in the stock among institutional investors.
• Allegiant Travel has seen significant changes in institutional investments, with multiple firms increasing their positions by as much as 489.1% in recent quarters, resulting in institutional ownership of 85.81% of the company's stock.
• Despite recent price target adjustments from analysts, ranging from $50 to $85, the consensus rating for Allegiant Travel remains a "Hold" with an average price target of $70.56.

Drive Wealth Management LLC acquired a new position in shares of Allegiant Travel Company (NASDAQ:ALGT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,871 shares of the transportation company's stock, valued at approximately $433,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its position in shares of Allegiant Travel by 489.1% during the 1st quarter. Farther Finance Advisors LLC now owns 542 shares of the transportation company's stock worth $28,000 after purchasing an additional 450 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in Allegiant Travel by 376.5% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,034 shares of the transportation company's stock worth $53,000 after buying an additional 817 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Allegiant Travel by 58.1% during the second quarter. GAMMA Investing LLC now owns 1,108 shares of the transportation company's stock worth $61,000 after buying an additional 407 shares in the last quarter. CWM LLC raised its stake in shares of Allegiant Travel by 400.8% in the first quarter. CWM LLC now owns 2,559 shares of the transportation company's stock valued at $132,000 after acquiring an additional 2,048 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Allegiant Travel in the 1st quarter worth approximately $213,000. Institutional investors and hedge funds own 85.81% of the company's stock.

Analysts Set New Price Targets

ALGT has been the subject of a number of recent analyst reports. Bank of America raised their price target on Allegiant Travel from $50.00 to $55.00 and gave the company an "underperform" rating in a report on Wednesday, October 1st. Morgan Stanley lowered their target price on Allegiant Travel from $85.00 to $83.00 and set an "equal weight" rating for the company in a research note on Monday, July 7th. Weiss Ratings reiterated a "sell (d)" rating on shares of Allegiant Travel in a research report on Wednesday, October 8th. UBS Group raised their price objective on shares of Allegiant Travel from $52.00 to $65.00 and gave the company a "neutral" rating in a research report on Friday, September 26th. Finally, Barclays upped their target price on shares of Allegiant Travel from $52.00 to $60.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Allegiant Travel has a consensus rating of "Hold" and an average price target of $70.56.

Allegiant Travel Price Performance

Shares of ALGT stock opened at $65.91 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.10 and a debt-to-equity ratio of 1.68. Allegiant Travel Company has a 12 month low of $39.80 and a 12 month high of $107.57. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -4.13, a PEG ratio of 0.50 and a beta of 1.71. The stock has a 50-day moving average price of $61.74 and a 200 day moving average price of $55.28.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last issued its earnings results on Thursday, May 12th. The transportation company reported $1.18 earnings per share (EPS) for the quarter. The company had revenue of $496.88 million for the quarter. Allegiant Travel had a negative net margin of 11.10% and a positive return on equity of 5.00%. Research analysts expect that Allegiant Travel Company will post 7.7 EPS for the current 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.

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