Allegiant Travel Company (NASDAQ:ALGT) Shares Bought by Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust raised its stake in shares of Allegiant Travel Company (NASDAQ:ALGT - Free Report) by 29.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,148 shares of the transportation company's stock after purchasing an additional 37,121 shares during the period. Emerald Mutual Fund Advisers Trust owned 0.89% of Allegiant Travel worth $8,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ALGT. Jacobs Levy Equity Management Inc. purchased a new stake in Allegiant Travel during the fourth quarter valued at approximately $26,067,000. Emerald Advisers LLC purchased a new stake in Allegiant Travel during the fourth quarter valued at approximately $22,256,000. Voloridge Investment Management LLC purchased a new stake in shares of Allegiant Travel in the fourth quarter worth approximately $16,713,000. Mesirow Institutional Investment Management Inc. bought a new stake in shares of Allegiant Travel during the 4th quarter worth approximately $13,830,000. Finally, T. Rowe Price Investment Management Inc. lifted its stake in shares of Allegiant Travel by 16.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 928,641 shares of the transportation company's stock worth $87,404,000 after acquiring an additional 131,561 shares during the last quarter. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ALGT. UBS Group began coverage on Allegiant Travel in a research note on Monday, July 7th. They set a "neutral" rating and a $59.00 price target for the company. Susquehanna decreased their price target on Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Evercore ISI upgraded Allegiant Travel from an "in-line" rating to an "outperform" rating and set a $75.00 price objective on the stock in a report on Tuesday, July 1st. Morgan Stanley reduced their price objective on Allegiant Travel from $85.00 to $83.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. Finally, TD Cowen raised their price objective on Allegiant Travel from $35.00 to $50.00 and gave the stock a "hold" rating in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $65.11.

Allegiant Travel Stock Down 6.9%

Shares of NASDAQ:ALGT traded down $4.07 on Friday, reaching $54.52. The company had a trading volume of 526,680 shares, compared to its average volume of 425,755. Allegiant Travel Company has a 52-week low of $36.09 and a 52-week high of $107.57. The firm's 50 day simple moving average is $54.87 and its 200-day simple moving average is $66.28. The firm has a market capitalization of $994.99 million, a PE ratio of -4.71, a PEG ratio of 0.45 and a beta of 1.71. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.57.

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

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.