Oldfield Partners LLP Sells 776 Shares of Allegiant Travel (NASDAQ:ALGT)

Oldfield Partners LLP trimmed its position in Allegiant Travel (NASDAQ:ALGT) by 2.4% during the second quarter, HoldingsChannel.com reports. The fund owned 32,158 shares of the transportation company’s stock after selling 776 shares during the quarter. Allegiant Travel makes up 0.3% of Oldfield Partners LLP’s portfolio, making the stock its 17th biggest position. Oldfield Partners LLP’s holdings in Allegiant Travel were worth $1,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in shares of Allegiant Travel during the second quarter worth $34,000. CWM LLC grew its stake in shares of Allegiant Travel by 275.1% during the second quarter. CWM LLC now owns 1,268 shares of the transportation company’s stock worth $64,000 after buying an additional 930 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Allegiant Travel during the first quarter worth $141,000. Commerce Bank bought a new stake in shares of Allegiant Travel during the fourth quarter worth $201,000. Finally, Headlands Technologies LLC grew its stake in shares of Allegiant Travel by 170.6% during the second quarter. Headlands Technologies LLC now owns 2,522 shares of the transportation company’s stock worth $127,000 after buying an additional 1,590 shares during the last quarter. 85.81% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Gary Ellmer sold 1,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $45.00, for a total transaction of $45,000.00. Following the transaction, the director now owns 7,490 shares in the company, valued at $337,050. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 17.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ALGT shares. Evercore ISI decreased their target price on shares of Allegiant Travel from $85.00 to $60.00 and set an “in-line” rating on the stock in a research note on Monday, July 15th. Susquehanna cut their price target on shares of Allegiant Travel from $55.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Barclays cut their price target on shares of Allegiant Travel from $55.00 to $45.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft lowered shares of Allegiant Travel from a “buy” rating to a “hold” rating and cut their price target for the stock from $75.00 to $53.00 in a report on Monday, July 8th. Finally, Morgan Stanley cut 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 report on Monday, July 8th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $59.50.

Allegiant Travel Price Performance

ALGT stock opened at $41.55 on Monday. The firm has a market cap of $757.54 million, a price-to-earnings ratio of 13.15, a PEG ratio of 5.50 and a beta of 1.64. The company has a quick ratio of 0.71, a current ratio of 0.74 and a debt-to-equity ratio of 1.30. Allegiant Travel has a 12-month low of $36.08 and a 12-month high of $88.09. The company’s fifty day simple moving average is $44.35 and its 200 day simple moving average is $54.01.

Allegiant Travel (NASDAQ:ALGT) last released its earnings results on Wednesday, July 31st. The transportation company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.93. The business had revenue of $666.28 million for the quarter, compared to analyst estimates of $657.74 million. Allegiant Travel had a negative net margin of 0.57% and a positive return on equity of 3.48%. Allegiant Travel’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.35 earnings per share. On average, analysts expect that Allegiant Travel will post 0.96 earnings per share 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.