Seven Eight Capital LP Buys Shares of 15,554 Allegiant Travel (NASDAQ:ALGT)

Seven Eight Capital LP purchased a new stake in shares of Allegiant Travel (NASDAQ:ALGT) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 15,554 shares of the transportation company’s stock, valued at approximately $781,000.

Several other institutional investors have also modified their holdings of the company. Interval Partners LP acquired a new position in Allegiant Travel during the 1st quarter valued at about $5,641,000. Franklin Resources Inc. raised its holdings in shares of Allegiant Travel by 15.4% during the fourth quarter. Franklin Resources Inc. now owns 620,180 shares of the transportation company’s stock valued at $51,233,000 after buying an additional 82,813 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Allegiant Travel during the first quarter worth approximately $1,306,000. First Eagle Investment Management LLC grew its holdings in Allegiant Travel by 57.5% in the 1st quarter. First Eagle Investment Management LLC now owns 103,513 shares of the transportation company’s stock worth $7,785,000 after buying an additional 37,800 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in Allegiant Travel by 369.1% in the 1st quarter. BNP Paribas Financial Markets now owns 23,874 shares of the transportation company’s stock valued at $1,796,000 after acquiring an additional 18,785 shares during the period. Institutional investors own 85.81% of the company’s stock.

Insider Buying and Selling at Allegiant Travel

In other news, Director Gary Ellmer sold 1,000 shares of Allegiant Travel stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $45.00, for a total value of $45,000.00. Following the transaction, the director now directly owns 7,490 shares of the company’s stock, valued at $337,050. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 17.50% of the company’s stock.

Allegiant Travel Price Performance

NASDAQ ALGT opened at $45.81 on Friday. Allegiant Travel has a 1 year low of $36.08 and a 1 year high of $85.91. The business’s fifty day moving average is $43.92 and its two-hundred day moving average is $53.10. The stock has a market capitalization of $835.21 million, a P/E ratio of 14.50, a P/E/G ratio of 5.50 and a beta of 1.64. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.71 and a current ratio of 0.74.

Allegiant Travel (NASDAQ:ALGT) last announced 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. Allegiant Travel had a positive return on equity of 3.48% and a negative net margin of 0.57%. The company had revenue of $666.28 million for the quarter, compared to analyst estimates of $657.74 million. During the same period in the previous year, the firm earned $4.35 earnings per share. Allegiant Travel’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, research analysts forecast that Allegiant Travel will post 0.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ALGT has been the subject of several recent analyst reports. TD Cowen decreased their price target on Allegiant Travel from $39.00 to $33.00 and set a “hold” rating for the company in a research note on Wednesday, August 7th. Susquehanna lowered their target price on shares of Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Morgan Stanley dropped their price target on shares of Allegiant Travel from $95.00 to $87.00 and set an “equal weight” rating on the stock in a research report on Monday, July 8th. Evercore ISI decreased their price objective on shares of Allegiant Travel from $85.00 to $60.00 and set an “in-line” rating for the company in a report on Monday, July 15th. Finally, Barclays dropped their target price on Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $59.50.

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.