On September 19, 2023, it was reported that 180 Wealth Advisors LLC had reduced its stake in Allegiant Travel (NASDAQ:ALGT) by 23.3% during the second quarter of the year. According to a disclosure with the Securities and Exchange Commission, the firm owned 6,060 shares of Allegiant Travel’s stock after selling 1,845 shares. The value of 180 Wealth Advisors LLC’s holdings in Allegiant Travel amounted to $782,000 at the end of the quarter.
The decrease in stake by 180 Wealth Advisors LLC raises questions about their confidence in Allegiant Travel as an investment opportunity. Investors often reduce their holdings in a company for various reasons, such as changes in strategy or financial performance.
Allegiant Travel last released its quarterly earnings data on August 2nd, which showed promising results. The transportation company reported earnings per share of $4.35 for the quarter, surpassing analysts’ expectations by $0.72. This demonstrated a positive trend in profitability for Allegiant Travel.
Furthermore, Allegiant Travel achieved a return on equity of 7.46% and a net margin of 5.87%. The company generated revenue amounting to $683.81 million during the quarter, indicating an increase of 8.6% compared to the same period last year. These positive indicators suggest that Allegiant Travel is performing well financially.
Analysts predict that Allegiant Travel will post earnings per share of approximately $10.04 for the current fiscal year based on these performance metrics.
While it is unclear why exactly 180 Wealth Advisors LLC decided to reduce their stake in Allegiant Travel, it is important for investors to evaluate all available information before making any investment decisions.
As always, it is recommended that individuals consult with financial advisors or conduct thorough research before investing in any particular company’s stock.
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Hedge Funds and Institutional Investors Make Changes to Their Holdings in Allegiant Travel
Allegiant Travel, a transportation company with a market capitalization of $1.52 billion, has recently witnessed some significant changes in its stakeholders’ positions. Several hedge funds, including US Bancorp DE, Cambridge Investment Research Advisors Inc., Citigroup Inc., AlphaCrest Capital Management LLC, and Bank of Montreal Can, have all made adjustments to their holdings in Allegiant Travel in the first quarter of this year.
US Bancorp DE increased its holdings in Allegiant Travel by 13.0%, acquiring an additional 133 shares during the last quarter. As a result, it now owns 1,158 shares of the company’s stock worth approximately $188,000. Similarly, Cambridge Investment Research Advisors Inc. saw a boost of 20.7% in their holdings, acquiring an additional 432 shares valued at $410,000.
Citigroup Inc., one of the largest financial institutions globally, also lifted its stake in Allegiant Travel by 4.9% during the first quarter. The bank now holds 20,574 shares of the transportation company’s stock worth $3,341,000 after purchasing an additional 959 shares.
AlphaCrest Capital Management LLC entered the scene as well with their new stake in Allegiant Travel worth $390,000 during the same quarter. Lastly, Bank of Montreal Can experienced growth in its position by 5.0%, investing further into Allegiant Travel by acquiring an additional 228 shares valued at $771,000.
Collectively speaking, these institutional investors and hedge funds now own approximately 81.23% of Allegiant Travel’s stock.
Financial analysts have shared their opinions regarding Allegiant Travel and its prospects over recent months too. Raymond James raised their target price for the transportation firm from $140 to $145 and labeled it as “outperform” on August 3rd. Barclays also boosted their price objective from $105 to $122 on July 13th, while Morgan Stanley increased their target price to $120 from $115 on July 6th. On the other hand, StockNews.com initiated coverage of Allegiant Travel and designated it as a “hold” rating.
Despite these various opinions, it is worth noting that according to Bloomberg’s data, Allegiant Travel holds an average rating of “Hold” with a consensus price target of $110.55.
On another note, director Gary Ellmer recently sold 2,000 shares of Allegiant Travel stock at an average price of $104.76. The total transaction amounted to $209,520. Following this sale, Ellmer now possesses 10,490 shares in the company valued at approximately $1,098,932.40.
As for its stock performance, Allegiant Travel opened at $82.31 on September 19th. The company’s financial position shows a debt-to-equity ratio of 1.37 and current and quick ratios of 1.13 and 1.10, respectively. The stock also carries a P/E ratio of 10.06 and a beta value of 1.72.
Throughout the past year, Allegiant Travel has seen its stock fluctuate between a low of $62.94 and a high of $130.93.
This information regarding the alterations made by hedge funds and institutional investors to their positions in Allegiant Travel provides valuable insights for potential investors or those monitoring the transportation industry closely.
