Federated Hermes Inc. Invests $9.86 Million in Allegiant Travel Company (NASDAQ:ALGT)

Key Points

• Federated Hermes Inc. has invested approximately $9.86 million in Allegiant Travel Company, acquiring 190,974 shares during the first quarter.
• Wall Street analysts have varying opinions on Allegiant Travel, with a consensus rating of "Hold" and a target price of $65.11.
• Allegiant Travel's stock has recently trended down 6.8%, opening at $48.12 while the company reported a revenue increase of 6.5% year-over-year.

Federated Hermes Inc. acquired a new stake in Allegiant Travel Company (NASDAQ:ALGT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 190,974 shares of the transportation company's stock, valued at approximately $9,864,000. Federated Hermes Inc. owned 1.05% of Allegiant Travel at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ALGT. Farther Finance Advisors LLC grew 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 buying an additional 450 shares during the period. Sterling Capital Management LLC raised its position in Allegiant Travel by 803.6% in the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the transportation company's stock valued at $47,000 after buying an additional 442 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Allegiant Travel in the fourth quarter worth $75,000. CWM LLC lifted its stake in 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 purchasing an additional 2,048 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Allegiant Travel by 1,486.7% during the 4th quarter. Russell Investments Group Ltd. now owns 1,904 shares of the transportation company's stock worth $179,000 after acquiring an additional 1,784 shares during the period. Institutional investors own 85.81% of the company's stock.

Allegiant Travel Stock Performance

Shares of ALGT traded up $0.47 on Monday, reaching $48.59. The company's stock had a trading volume of 462,462 shares, compared to its average volume of 430,074. The stock's 50 day simple moving average is $54.10 and its two-hundred day simple moving average is $61.16. The stock has a market capitalization of $886.77 million, a P/E ratio of 13.15, a PEG ratio of 0.40 and a beta of 1.72. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.90 and a quick ratio of 0.87. Allegiant Travel Company has a 12-month low of $36.08 and a 12-month high of $107.57.

Allegiant Travel (NASDAQ:ALGT - Get Free Report) last issued its earnings results on Monday, August 4th. The transportation company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.84 by $0.39. Allegiant Travel had a negative net margin of 8.11% and a positive return on equity of 5.46%. The company's revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.75 earnings per share. Research analysts forecast that Allegiant Travel Company will post 7.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ALGT has been the subject of several analyst reports. TD Cowen raised their target price on Allegiant Travel from $35.00 to $50.00 and gave the stock a "hold" rating in a research note on Monday, May 12th. Evercore ISI upgraded Allegiant Travel from an "in-line" rating to an "outperform" rating and set a $75.00 target price for the company in a research note on Tuesday, July 1st. UBS Group started coverage on shares of Allegiant Travel in a report on Monday, July 7th. They set a "neutral" rating and a $59.00 price objective for the company. Susquehanna decreased their price target on shares of Allegiant Travel from $95.00 to $50.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Finally, Barclays cut their price objective on shares of Allegiant Travel from $60.00 to $52.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Allegiant Travel currently has an average rating of "Hold" and an average target price of $65.11.

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.