Man Group plc Invests $8.64 Million in Allegiant Travel (NASDAQ:ALGT)

Man Group plc bought a new stake in shares of Allegiant Travel (NASDAQ:ALGT) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 91,782 shares of the transportation company’s stock, valued at approximately $8,639,000.

A number of other institutional investors have also recently added to or reduced their stakes in ALGT. Crews Bank & Trust purchased a new position in Allegiant Travel in the fourth quarter valued at about $25,000. Jones Financial Companies Lllp boosted its holdings in Allegiant Travel by 94.5% in the 4th quarter. Jones Financial Companies Lllp now owns 459 shares of the transportation company’s stock worth $43,000 after acquiring an additional 223 shares during the period. Sterling Capital Management LLC grew its position in Allegiant Travel by 803.6% in the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the transportation company’s stock valued at $47,000 after acquiring an additional 442 shares in the last quarter. Signaturefd LLC raised its stake in shares of Allegiant Travel by 30.3% during the fourth quarter. Signaturefd LLC now owns 594 shares of the transportation company’s stock valued at $56,000 after purchasing an additional 138 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Allegiant Travel during the fourth quarter worth $75,000. 85.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ALGT shares. Morgan Stanley raised their price target on shares of Allegiant Travel from $90.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Bank of America lowered their price objective on Allegiant Travel from $95.00 to $50.00 and set an “underperform” rating for the company in a research note on Thursday, April 3rd. Susquehanna cut their target price on Allegiant Travel from $95.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. TD Cowen raised their price target on shares of Allegiant Travel from $35.00 to $50.00 and gave the stock a “hold” rating in a research report on Monday, May 12th. Finally, UBS Group upped their price target on shares of Allegiant Travel from $45.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $64.70.

Allegiant Travel Trading Up 1.6%

Allegiant Travel stock opened at $56.13 on Monday. Allegiant Travel has a 1 year low of $36.09 and a 1 year high of $107.57. The firm’s 50-day moving average is $50.25 and its 200-day moving average is $72.76. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.72 and a current ratio of 0.75. The company has a market cap of $1.02 billion, a P/E ratio of -4.20 and a beta of 1.78.

Allegiant Travel (NASDAQ:ALGT) last issued its earnings results on Tuesday, May 6th. The transportation company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.27. Allegiant Travel had a negative net margin of 9.56% and a positive return on equity of 3.33%. The firm had revenue of $699.07 million for the quarter, compared to analysts’ expectations of $700.00 million. During the same quarter last year, the company posted $0.57 earnings per share. Allegiant Travel’s revenue was up 6.5% on a year-over-year basis. On average, equities analysts expect that Allegiant Travel will post 7.7 earnings per share for the current year.

Allegiant Travel Company 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.