Summit Global Investments purchased a new stake in shares of Allegiant Travel Company (NASDAQ:ALGT – Free Report) in the third quarter, HoldingsChannel reports. The firm purchased 6,829 shares of the transportation company’s stock, valued at approximately $518,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Louisiana State Employees Retirement System purchased a new position in shares of Allegiant Travel during the 1st quarter worth approximately $486,000. Wellington Management Group LLP acquired a new stake in Allegiant Travel in the 2nd quarter valued at approximately $26,232,000. Venture Visionary Partners LLC purchased a new stake in Allegiant Travel in the third quarter valued at approximately $2,745,000. VELA Investment Management LLC purchased a new stake in Allegiant Travel in the second quarter valued at approximately $4,461,000. Finally, BlackRock Inc. purchased a new stake in Allegiant Travel in the second quarter valued at approximately $416,591,000. 85.81% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
ALGT has been the subject of several research analyst reports. Morgan Stanley raised their price target on Allegiant Travel from $100.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Zacks Research cut Allegiant Travel from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. Weiss Ratings upgraded Allegiant Travel from a “sell (d-)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Wall Street Zen lowered Allegiant Travel from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, UBS Group raised Allegiant Travel from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $111.00 to $107.00 in a research note on Sunday, September 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Allegiant Travel presently has an average rating of “Moderate Buy” and a consensus price target of $123.38.
Get Our Latest Research Report on ALGT
Allegiant Travel Trading Up 7.3%
NASDAQ ALGT opened at $76.58 on Tuesday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.80 and a current ratio of 0.83. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 54.31, a PEG ratio of 0.25 and a beta of 1.55. The firm has a 50 day simple moving average of $75.44 and a 200-day simple moving average of $87.61. Allegiant Travel Company has a one year low of $57.11 and a one year high of $123.63.
Allegiant Travel (NASDAQ:ALGT – Get Free Report) last announced its earnings results on Tuesday, August 4th. The transportation company reported $2.19 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.92. The firm had revenue of $943.49 million for the quarter, compared to the consensus estimate of $982.70 million. Allegiant Travel had a net margin of 0.90% and a return on equity of 10.83%. The firm’s revenue for the quarter was up 36.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.23 EPS. Equities research analysts anticipate that Allegiant Travel Company will post 5.59 EPS for the current fiscal year.
Allegiant Travel Profile
Allegiant Travel Company is a leisure-focused travel company headquartered in Las Vegas, Nevada. Its principal operating subsidiary, Allegiant Air, is a low-cost airline that provides scheduled and charter passenger service, primarily connecting smaller and mid-sized U.S. cities with popular vacation destinations.
Allegiant Air’s business model emphasizes nonstop routes, low base fares and optional services such as seat selection, baggage, priority boarding and other travel-related amenities.
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